In a shuffle that happened earlier this month, the Reserve Bank of India has appointed executive director P Vasudevan as the person in charge of the fintech department.
Ajay Kumar Choudhary, who was the previous executive director in charge of the fintech department has retired, said a senior banker in the know. Choudhary has been appointed to the board of RBI Innovation Hub, the person added.
Choudhary was the first ED in charge of the fintech department, being appointed in January 2022, around the same time the creation of the department was announced.
Responding to ET’s queries, an RBI spokesperson said that after Choudhary superannuated, Vasudevan has been handed charge of the department.
Vasudevan, a career central banker, was previously the chief general manager in charge of the Department of Payment and Settlement Systems. He became an executive director on July 6 and was entrusted with currency management, enforcement department and corporate strategy and budget department.
Other than the fintech department, Vasudevan continues to be responsible for currency management, the corporate strategy and budget department.
“He has immense experience handling the payment ecosystem in the country, which will help him while dealing with the growing fintech ecosystem in the country,” said a senior fintech industry executive who works closely with the RBI on tech policy matters.
The central bank created a separate fintech department back in 2022 to help foster innovation in one of the fastest growing sectors in the larger financial services industry. The fintech industry needs to coordinate with this department for regulatory direction and help with policymaking.
Fintech industry insiders pointed out that Vasudevan might focus on getting better coordination between various supervisory departments which impact the fledgling fintech sector in the country.
