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Below are Views on RBI creates new Fintech department By Mr. Joginder Rana, Vice-Chairman & MD, CASHe

We wholeheartedly welcome this very progressive move by the RBI. Fintechs will continue to play an important role in the financial inclusion of the masses in the years to come and we will see path-breaking innovations in the lending and payments sector. As the fintech landscape is maturing, the industry is witnessing a rapid growth in financial entities and technology firms experimenting with a host of financial and technological solutions in a bid to address untapped segments and expand to newer markets. Therefore, setting up a separate FinTech department within RBI will aid in accelerating innovation and experimentation while driving transparency and the overall progress of the sector.  

The new fintech department will play a significant role in representing industry members adequately and will provide a robust framework that will eventually empower the sector to stay on top of emerging trends. Besides addressing impending challenges in a timely manner, this will also help drive opportunities for both incumbent market participants and newcomers alike while empowering every citizen.

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