Reserve Bank Innovation Hub

The Reserve Bank Innovation Hub (RBIH) has been inaugurated by Shaktikanta Das, governor of the Reserve Bank of India (RBI) in Bengaluru.

Overview:

  • RBIH has been set up 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 as the Chairman. The board also has other individuals from academia as well as industry.
  • This initiative of the RBI puts it among a select few global central banks that are trying to bring about change in the mode of engagement while trying to bring about innovations in this sector.

Aim of the RBIH

The aim of the RBIH is to create an ecosystem that will focus on the promotion of access to various financial products and services for the low-income group population across the nation. The RBIH has been set up to nurture and encourage innovations in the financial sector in a sustainable manner. This Hub would also be looking to bring coherence among the stakeholders like the Start-up ecosystem, BFSI Sector, Academia and Regulators in the nation’s financial innovation field.

The RBIH also has the objective of bringing world-class innovation to the country’s financial sector along with working towards the theme of financial inclusion.

The Hub will also be looking to mentor and identify various start-ups. It will also collaborate with government Departments, Ministries to identify and resolve challenges in different domains.

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