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WBCS Preliminary Examination 2023 — General Studies · Question 112 of 200

Q112
Current Affairs & General KnowledgeEconomy, Banking & Business
What is the name of the new department created by the Reserve Bank of India in 2022?
  1. a.Department of Artificial Intelligence
  2. b.Department of Fin-Tech
  3. c.Department of Data Science
  4. d.Department of Digital Currency

Answer: (B) Department of Fin-Tech

The Reserve Bank of India set up a separate Fintech Department with effect from 4 January 2022 by subsuming the Fintech Division of its Department of Payment and Settlement Systems. It deals with innovation in the financial sector, the regulatory sandbox and the Central Bank Digital Currency: the e-rupee pilot began in the wholesale segment on 1 November 2022 and in the retail segment on 1 December 2022. The RBI has no departments named after artificial intelligence, data science or digital currency. Basics: the RBI was established on 1 April 1935, nationalised on 1 January 1949 and has its central office in Mumbai.

Q111 Whole paperQ113