Reserve Bank Innovation Hub (RBIH) to support innovations in financial products and services
Tags: Economy/Finance National News
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India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) have come together to focus their efforts to increase access to financial solutions to large sections of society across India and enable seamless finance to one billion Indians.
Important facts
The collaboration between IPPB and RBIH will explore projects which shall have impact on the masses by:
Leveraging the deep rural outreach of IPPB- Department of Posts (DOP) to take rural finance to one billion Indians.
Enabling access to sustainable and secure finance services for every section of the society through research and innovation.
Additionally, IPPB will work as an active partner with RBIH on initiatives of national importance under the leadership of RBIH.
The partnership with RBIH is a milestone in IPPB's journey to leverage its digital platform and physical network to provide comprehensive, customer-centric and convenient digital solutions to one billion Indians.
About Reserve Bank Innovation Hub (RBIH)
It has been set up under Section 8 of the Companies Act, 2013 with an initial capital contribution of Rs.100 crore.
It is a wholly owned subsidiary of RBI.
It has been set up to promote and facilitate an environment that accelerates innovation across the financial sector.
It is working on a plan to identify and mentor start-ups with maximum potential.
It aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
About India Post Payment Bank (IPPB)
It is set up under the Department of Posts, Ministry of Communications with 100% equity owned by the Government of India.
Founded- 1 September 2018
Headquarters- New Delhi
MD & CEO- J. Venkataramu
In January 2022, IPPB had crossed 5 crore customers.
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