IST,
Fintech
About
A linguistic blend of two individual terms ‘Finance’ & ‘Technology’, FinTech is being used to denote the wide array of technological innovations that have a bearing on financial services.
Incorporation of technological innovations while provisioning and designing financial services has significantly altered the dynamics of financial sector, especially in the last decade. While the exact scope of activities under FinTech will keep evolving with emerging use cases, what will remain constant is the increasing embrace of technology by the financial sector. To keep pace with the dynamically changing landscape, Reserve Bank has been making conscious efforts to facilitate innovation in FinTech sector, for attaining the larger public good.
Future is Fintech
“India is on the way to becoming Asia’s top financial technology (FinTech) hub with 87 per cent FinTech adoption rate as against the global average of 64 per cent. The Reserve Bank is intensively involved in developing an ecosystem, which would not only nurture the future technologies, but also stimulate the technological aspirations of the financial community.”
Shri Shaktikanta Das, Governor, Reserve Bank of India
Future is Fintech
“India is on the way to becoming Asia’s top financial technology (FinTech) hub with 87 per cent FinTech adoption rate as against the global average of 64 per cent. The Reserve Bank is intensively involved in developing an ecosystem, which would not only nurture the future technologies, but also stimulate the technological aspirations of the financial community.”
Shri Shaktikanta Das, Governor, Reserve Bank of India
The Times Network India Economic Conclave 2021 on Thursday, March 25, 2021 in New Delhi
Key Initiatives
Regulatory Sandbox
RS usually refers to live testing of new products or services in a controlled/test environment
Reserve Bank Innovation Hub
To foster innovation in a sustainable manner, it is essential to nurture it through a RBIH setup
Harbinger 2021
A hackathon event organised to bring together people and entities for the development of solutions
Harbinger 2023
A hackathon is an event organised to bring together people and entities for the development of solutions
G20 TechSprint 2023
A global competition seeking top notch technological innovations for catalysing cross-border payments.
Key Topics
CBDC
Central Bank Digital Currency (CBDC) is a digital form of currency notes issued by a central bank. CBDC in India, referred to as e₹ (digital Rupee).
Regulatory Sandbox
Regulatory Sandbox refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain regulatory relaxations for the limited purpose of the testing.
RBI Hackathon – HARBINGER
A hackathon is an event organised to bring together people and entities for the development of innovative solutions for the existing challenges in specified area through problem statements.
Reserve Bank Innovation Hub
Reserve Bank Innovation Hub (RBIH) has been setup to promote innovation across the financial sector by leveraging on technology and creating an environment which would facilitate and foster innovation.
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Page Last Updated on: November 23, 2022
