The Reserve Bank Innovation Hub (RBiH) has been inaugurated by Shaktikanta Das, governor of the Reserve Bank of India (RBI) in Bengaluru. RBiH has been founded as a wholly-owned subsidiary of the RBI with Rs 100 crore as an initial capital contribution.
An independent board has been constituted for this hub with S. Gopalakrishnan selected because the Chairman. The board also has other individuals from academia still as an industry.
RBI’s initiative puts it among a pick few global central banks that try to give birth to change within the mode of engagement while trying to create innovations during this sector.
The aim of the RBIH is to form an ecosystem that will target the promotion of access to varied financial products and services for the low-income group population across the state. The RBiH has been founded to nurture and encourage innovations within the financial sector in an exceedingly sustainable manner.
This Hub would even be looking to bring coherence among the stakeholders just like the Start-up ecosystem, BFSI Sector, Academia and Regulators within the nation’s financial innovation field.
The RBiH also has the target of bringing world-class innovation to the country’s financial sector together with working towards the theme of economic inclusion.
The Hub also will be looking to mentor and identify various start-ups. it’ll also collaborate with government Departments, Ministries to spot and resolve challenges in numerous domains.