Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Reserve Bank of India Sets Up Fintech Department

The country’s central bank, the Reserve Bank of India (RBI), has set up a department to help create regulations for the financial technology sector and its upcoming central bank digital currency (CBDC). It will facilitate innovation and identify and address challenges and opportunities in the field. The bank explained that the erstwhile fintech division under the Department of Payment and Settlement Systems (DPPS) has been subsumed into it.

The agency will deal with matters related to inter-regulatory and international coordination on fintech. It will report to the RBI’s centralised administration division. Further, the department will provide a framework for research in the field that can aid policy interventions. In an internal circular, RBI said that the department will address matters related to the facilitation of constructive innovations and incubations in the fintech sector if they have wider implications for the financial sector/markets and fall under the purview of the bank. The department will be headed by Ajay Kumar Choudhary, the executive director. He will also look after the risk monitoring department and the inspection department.

RBI is working on two kinds of CBDCs, wholesale and retail. The new department will be tasked with overseeing their development. It will be administratively attached to the centralised administrative division (CAD) of the central office. A media report stated that the department is expected to address new-age challenges that arise from fintech applications, and crypto is only a part of its brief. This means that while the department will oversee cryptocurrencies and their challenges, it may not necessarily be first on its agenda.

According to a report by The Times of India, the majority of fintech start-ups had started operating as unregulated entities. In 2018, RBI created a fintech unit in the department of regulation. In 2019, RBI came out with a framework for a regulatory sandbox to provide a structured avenue for the regulator to engage with the ecosystem and to develop innovation-enabling or innovation-responsive regulations. RBI decided to push innovation primarily to bring down the cost of financial services and boost financial inclusion. As most fintech activities then were in the area of payments, the unit was transferred to the DPPS in July 2020.

Earlier this month, RBI issued a statement regarding its new Framework for Facilitating Small Value Digital Payments in Offline Mode, which allows offline digital payments up to IN₹ 200 (US$2.65) per transaction, subject to an overall limit of IN₹2,000 (US$26.9). OpenGov Asia reported that the move is an attempt to boost digital payment penetration in rural and semi-urban areas. An offline digital payment means a transaction that does not require internet or telecom connectivity.

Under the offline mode, payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets, and mobile devices. These transactions will not require an additional factor of authentication (AFA). Offline transactions are expected to give a push to digital transactions in areas with poor or weak Internet or telecom connectivity, particularly in semi-urban and rural areas.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.