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Below are Views on RBI creates new Fintech department By Mr. Bhavin Patel, Founder & CEO, LenDenClub

Earlier last month, Prime Minister Narendra Modi emphasized the importance of transforming fintech initiatives into a fintech revolution to provide financial empowerment to all citizens. This notion led to the founding of the FinTech Department at the Reserve Bank of India. We believe it is a positive step to ensure that the authorities properly service the Fintech sector, and that the sector will gain more trust and thrive faster with the proper framework. It will assist in promptly recognizing and addressing the sector's difficulties and developing opportunities in the right direction. The initiative will help FinTech companies find it easier to innovate and create new products to serve their clients better. Based on this excellent decision to make in the FinTech department, the sector anticipates more positive developments in the upcoming Budget FY 22-23.

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