2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI
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Indusland Bank
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HDFC Bank
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Bank of Baroda
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Detailed explanation-1: -Reserve Bank of India has set up a separate internal department for fintech (Financial technology).
Detailed explanation-2: -MUMBAI: The RBI has set up a fintech department to facilitate innovation, and help identify and address challenges & opportunities in the new-age sectorThe . central bank has appointed Ajay Kumar Choudhary, executive director, to head the department.
Detailed explanation-3: -The Financial Stability Board (FSB) defines FinTech as “technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services”.
Detailed explanation-4: -Examples of FinTech. Some well-known companies such as Personal Capital, Lending Club, Kabbage and Wealthfront are examples of FinTech companies that have emerged in the past decade, providing new twists on financial concepts and allowing consumers to have more influence on their financial outcomes.
Detailed explanation-5: -RBI to set up new fintech department to push innovation.