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RBI introduced its own Fintech Department set up to support innovation and modernization in India that will allow transformation in the
Indian market.

“With a view to give further focus to the area and facilitate innovation in the Fintech sector in keeping pace with the dynamically changing financial landscape, it was decided to set up a fintech department in the bank”, states the internal circular, accessed by media publications.

The Central bank has assigned Ajay Kumar Choudhary, to head theDepartment. RBI has also addressed innovation with the purpose of bringing downthe cost to improve financial inclusion.

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