RBI sets up working group to set up regulatory framework to bolster fintech and digital banking

Q.  RBI has set up an inter-regulatory working group to study issues relating to regulatory issues regarding financial technology and which other banking service in India?
- Published on 15 Jul 16

a. Telephone banking
b. Mobile banking
c. Digital banking
d. None of the above

ANSWER: Digital banking
 
RBI has set up a working group to work out a regulatory framework to bolster financial technology and digital banking in India.
  • The sub committee of the Financial Stability and Development Council at the meeting held on April 26 had decided to set up a group to look into the issue and report more intricate aspects.
  • The mandate is to gauge implications, review and appropriately reorient the regulatory framework and respond to the dynamics of the rapidly evolving fintech scenario.
  • Among terms of reference of the working group is to chalk out appropriate regulatory response with a view to re-aligning and reorienting regulatory guidelines and statutory provisions for enhancing financial technology/digital banking associated opportunities.

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