16.7.16

RBI sets up an Inter-regulatory Working Group on Fin Tech and Digital Banking

RBI sets up an Inter-regulatory Working Group on Fin Tech and Digital Banking


The Reserve Bank of India (RBI) has constituted an inter-regulatory Working Group (WG) to study the entire gamut of regulatory issues relating to Financial Technology and Digital Banking in India. The group has been set up in view of the growing significance of Fintech innovations, and their interactions with the financial sector as well as financial sector entities. It will review and appropriately reorient the regulatory framework, and respond to the dynamics of the rapidly evolving Fintech scenario. 

The Working Group will be headed by Sudarshan Sen, Executive Director of RBI, and has 12 members including AP Hota, MD and CEO, National Payments Corporation of India, AS Ramasastri, Director, Institute for Development and Research in Banking Technology, and Mrutyunjay Mahapatra, Deputy Managing Director and CIO, State Bank of India etc. It has been asked to submit its report within six months from the date of its first meeting.The decision to set up such a Working Group to look into and report on the granular aspects of Fin Tech and its implications has been made earlier in April 2016 at a meeting of the Financial Stability and Development Council - Sub-Committee (FSDC - SC).

So let's discuss some questions related to this post:
1. Name the person who will lead the Inter-regulatory Working Group on Fin Tech and Digital Banking?
2. The Inter-regulatory Working Group on Fin Tech and Digital Banking has been constituted by which organization?

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