Non Executive Chairman and Independent Director
Mr. Ajay Kumar Choudhary is a distinguished central banker with an illustrious career spanning over three decades at the Reserve Bank of India (RBI). He concluded his dedicated service to the institution as its Executive Director in October 2023. Mr. Choudhary has a proven track record and accomplishments in the domain of Banking Regulation, Supervision and FinTech areas in various capacities, and was instrumental in designing and implementing various regulatory guidelines including Basel III Frameworks for banks, responsible for structural changes and improvements in supervisory approach and processes and involved in implementation of various developmental and innovative initiatives.
In his multifaceted role at the RBI, Mr. Choudhary expertly navigated various responsibilities, including overseeing banking regulation and supervision, currency management, payments and settlements, and other critical functions both at the Central Office and Regional Offices. His leadership also extended to key departments such as the FinTech Department, Risk Monitoring Department, and Inspection Department. Notably, he spearheaded the RBI's developmental and innovative initiatives in critical areas such as the Implementation of Central Bank Digital Currency (CBDC), formulation of a strategic approach towards Crypto Assets, potential regulatory guardrails concerning Fin-Techs, operationalisation of Tech-Sprint and regulatory sandboxes, RBI Innovation Hub, and comprehensive oversight over all facets of Fin-Techs. One of Mr. Choudhary’s significant achievements was his pivotal role in the Implementation of Platform on Frictionless Credit, showcasing his forward-thinking approach to fostering innovation within the financial sector.
Mr. Choudhary represented Reserve Bank of India in different international groups. He headed RBI team for successful conduct of Regulatory Consistency Assessment Programme (RCAP) of India conducted by BCBS and was also part of international teams for RCAP and other assignments in different jurisdictions. He also served as Director of Supervision of Bank of Mauritius at Mauritius, with the responsibility for regulation and supervision of Banks, Non - Bank Deposit Taking Institutions and Forex Dealers.
He holds a Master’s degree in Physics from Delhi University, besides having earned professional qualifications including Certified Associate of Indian Institute of Banking and Finance (CAIIB). He also published papers, including on the subject of Countercyclical capital buffers, Capital requirement for sovereign assets, Default Experience of Credit Rating Agencies in India, Corporate Insolvency Regime and its Implications for the Indian Banking system.