The Governor, Reserve Bank of India (RBI), Shri Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) today (March 24, 2022) in Bengaluru. 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.
The Hub has an independent Board with Shri Senapathy (Kris) Gopalakrishnan as the Chairman and 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. This is in line with the objective behind establishment of RBIH i.e., to bring world class innovation to financial sector in India, coupled with the underlying theme of financial inclusion.
The Hub would bring convergence among various stakeholders (BFSI Sector, Start-up ecosystem, Regulators & Academia) in the financial innovation space.
Details regarding the functions of RBIH are available at https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50666.
The text of the inaugural address by the Governor, RBI is also available at https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1202.
Chief General Manager
Press Release: 2021-2022/1903