The Reserve Bank of India (RBI) on Thursday set up an inter-regulatory working group to study regulatory issues relating to financial technology and digital banking in India, as suggested by the sub-committee of the Financial Stability and Development Council (FSDC) in April.
The working group was required in view of the growing significance of technology in financial companies.
The group will "review and appropriately reorient the regulatory framework and respond to the dynamics of the rapidly evolving Fin Tech scenario," RBI said in a notification on its website.
The group will be headed by RBI's newly appointed Executive Director Sudarshan Sen.
The group will submit its report within six months from the date of its first meeting, RBI said.
