RBI Innovation Hub

RBI Innovation Hub

Subject: Economy

Context: RBI Governor inaugurated the Bengaluru based RBIH, which has been set up as a Section 8 company under Companies Act, 2013 with an initial capital of Rs. 100 Cr.

Concept:

RBI Innovation Hub (RBIH):

• It is an investment for the future aimed at facilitating an environment that accelerates innovation across the financial sector.
• It 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.
• Its underlying focus is to promote access to financial services and products for the low-income population in the country.
• The Hub has plans of identifying and mentoring start-ups having maximum potential.
• It would have continuous engagement with industry, innovators, academia and related stakeholders to nurture and leverage beneficial innovation in the financial sector that can deliver customized products for those at the bottom of the pyramid.
• It would collaborate with various Govt Ministries/ Departments/ Academia to identify problem statements in different domains and explore potential solutions.
• On the whole, it serves as an epicentre for exchange of views and knowledge sharing, while also remaining focused on delivering clear cut objective within reasonable timelines.