RBI has set up an inter-regulatory Working Group to study the regulatory issues relating to Financial Technology (Fintech) and Digital Banking in India

The Reserve Bank of India (RBI) on 14 July 2016 constituted an inter regulatory Working Group (WG) to study the entire gamut of regulatory issues relating to Fin Tech (financial technology) and Digital Banking in India.
•    It will view the growing significance of Fin Tech innovations and their interactions with the financial sector as well as the financial sector entities.
•    The 13-member working group will be headed by Sudarshan Sen, the executive director of RBI. It has been asked to submit its report within six months from the date of its first meeting.
•    The terms of reference of the Working Group
•    To assess the implications and challenges for the various financial sector functions such as intermediation, clearing, payments being taken up by non-financial entities.
•    To examine cross country practices in the matter, to study models of successful regulatory responses to disruption across the globe.
•    To chalk out appropriate regulatory response with a view to re-aligning / re-orienting regulatory guidelines and statutory provisions for enhancing Fin Tech / digital banking associated opportunities while simultaneously managing the evolving challenges and risk dimensions.
•    Any other matter relevant to the above issues.