“Moving aims to encourage and encourage financial innovation in a sustainable manner via an institutional build”
“Moving aims to encourage and encourage financial innovation in a sustainable manner via an institutional build”
Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, which aims to encourage and encourage financial innovation in a sustainable manner through institutional building.
RBI established RBIH as a wholly owned subsidiary with an initial capital contribution of ₹100 crore.
The Hub has an independent Board of Directors chaired by S. Gopalakrishnan and other members from industry and academia.
“RBIH aims to create an ecosystem focused on increasing access to financial services and products for the country’s low-income population,” RBI said.
“This is in line with the aim behind the establishment of RBIH, which is to bring world-class innovation to the financial sector in India, coupled with the underlying theme of financial inclusion,” she added.
The hub would bring convergence between the stakeholders – BFSI sector, start-up ecosystem, regulators and academia – in the field of financial innovation, it said.
Mr. Das added: “This initiative brings RBI into an exclusive group of select global central banks that are entrepreneurial enough to change the nature of engagement in dealing with innovation.”
“RBIH is an investment in the future. The hub aims to build an ecosystem for prototyping, patenting and proof-of-concept development and fostering cross-thinking that spans regulatory domains and national borders,” said Mr. Das.
He said the hub has plans to identify and mentor startups with maximum potential.
The hub is also expected to work with various government ministries, departments and colleges to identify problem areas in different areas and explore possible solutions, he added.
The RBIH should aim to establish itself as a respected hub for innovation and incubation, demonstrating India’s commitment to openness to ideas, determination to innovate and underlying concern for inclusive growth, he said.
