New Delhi: Recently, the Reserve Bank of India underwent a shuffle, appointing P Vasudevan, an executive director, as the new head of the fintech department.
A senior official disclosed that Ajay Kumar Choudhary, the former executive director in charge of the fintech department, has retired. Choudhary has now taken on a role on the board of RBI Innovation Hub.
Choudhary, who became the inaugural head of the fintech department in January 2022, along with the creation of the department, handed over charge to P Vasudevan following his retirement.
P Vasudevan, previously the chief general manager overseeing the Department of Payment and Settlement Systems, assumed the role of executive director on July 6. In addition to leading the fintech department, he retains responsibility for currency management, the corporate strategy, and budget department.
Apart from his new role in the fintech domain, P Vasudevan remains responsible for currency management, corporate strategy, and the budget department.
A senior fintech industry executive, closely engaged in tech policy matters with the RBI, highlighted Vasudevan’s thorough experience in managing the country’s payment ecosystem, predicting its value in navigating the expanding fintech landscape.
Established in 2022, the RBI’s fintech department aims to stimulate innovation in one of the rapidly growing segments of the broader financial services industry. Coordination with this department is crucial for the fintech industry to obtain regulatory guidance and contribute to policy making.
