Indian Financial Technology and Allied Services (IFTAS):
IFTAS was established in 2014 as a subsidiary of the RBI to provide technology-based solutions to the Indian banking and financial sector.
Its primary objective is to develop and manage various payment systems, such as Real-Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT),
IFTAS also provides consultancy services, research, and development in areas such as financial inclusion, digital payments, and financial regulations.
It is worth noting that each of these subsidiaries plays a vital role in supporting the RBI’s objectives, which include ensuring monetary stability, maintaining financial stability, and promoting economic growth. These subsidiaries help the RBI achieve these objectives by providing specialized services and expertise in areas such as technology, banking operations, and risk management.