RBI Fintech Engagement: Finquery Portal, CBDC, Lending Interface
Why in the news
RBI held an outreach meeting with the payments and fintech sector, saying its recent actions were against non-compliance, not innovation.
Key facts
- Meeting chaired by Governor Sanjay Malhotra; Deputy Governors M. Rajeshwar Rao, T. Rabi Sankar and Swaminathan J. attended.
- New Finquery portal gives fintechs a direct channel to RBI.
- Bank of Baroda built a small-merchant loyalty scheme on CBDC.
Topics discussed
- Stronger digital public infrastructure.
- A unified lending interface along the lines of UPI.
- More uses for CBDC.
- Fraud and mule accounts.
New Executive Director
- Ajit Joshi will handle the Department of Statistics and Information Management and the Financial Stability Department.
Exam angle
- Portal: Finquery.
- Terms: CBDC, account aggregator, mule account.