RBI launches Innovation Hub in Bengaluru

Tags: Economy/Finance

The Governor, Reserve Bank of India (RBI), Shri Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) on  March 24, 2022 in Bengaluru, Karnataka.

• The RBI has set up the RBIH as a Section 8 company under Companies Act, 2013, with an initial capital contribution of ₹100 crore to encourage and nurture financial innovation in a sustainable manner through an institutional set-up.

•  Former Infosys Chairman Kris Gopalakrishnan  has been appointed as the  Chairman of the Reserve Bank Innovation Hub. It will also include  other eminent persons from industry and academia as members.

• RBIH aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.

• The Hub would bring convergence among various stakeholders (BFSI Sector, Start-up ecosystem, Regulators & Academia) in the financial innovation space.