WBCS.LIVE practice question

What is the name of the new department created by the Reserve Bank of India in 2022?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. Department of Artificial Intelligence
  2. Department of Fin-Tech
  3. Department of Data Science
  4. Department of Digital Currency

Correct answer and explanation

Correct answer: Department of Fin-Tech

Explanation: RBI created the Department of Fin-Tech in January 2022 to promote innovation in digital finance and regulate fintech ecosystem. 📚 Other Information: ▪️ Focus on digital payments, blockchain, crypto-assets. ▪️ Helps in framing policies for secure financial technologies. ▪️ Supports India’s aim of a cashless economy.