The Reserve Bank of India (RBI) on March 24 inaugurated its innovation hub in Bengaluru with former Infosys chief Kris Gopalakrishnan as its chairman.
- The Reserve Bank Innovation Hub (RBIH) has been set up as a Section 8 company under the Companies Act with an initial capital contribution of Rs 100 crore to encourage financial innovation through an institutional set-up.
- The RBIH puts India’s central bank in an exclusive group of select global central banks that are enterprising enough to change the mode of engagement while dealing with innovation.
- The Hub is expected to build an ecosystem for development of prototypes, patents and proofs of concept and promote cross-thinking spanning regulatory domains and national boundaries.
- The RBIH will have its own independent board comprising members from industry and academia.
- The RBIH will facilitate convergence of ideas among various stakeholders.
- The Hub will identify and mentor start-ups showing the maximum potential. It is also expected to collaborate with various government ministries, departments and academia to identify problem statements in different domains and explore potential solutions.
