Reserve Bank Innovation Hub

To foster innovation in a sustainable manner, it is essential to nurture it through an institutional setup and accordingly, Reserve Bank has set up the Reserve Bank Innovation Hub (RBIH).

Reserve Bank Innovation Hub

In recent times, multiple central banks & financial institutions across the globe including Bank for International Settlements (BIS) have established Innovation Hubs, which are expected to lead the response to digital innovation. To foster innovation in a sustainable manner, it is essential to nurture it through an institutional setup and accordingly, Reserve Bank has set up the Reserve Bank Innovation Hub (RBIH), as announced in its Monetary Policy Statement on Development and Regulatory Policies dated August 06, 2020.

Shri Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, has been appointed as the first Chairperson of the Governing Council (GC) constituted to guide and manage RBIH. The RBIH has been registered as a section 8 company under Companies Act 2013 having its registered office at Hyderabad.

The RBIH will collaborate with financial sector institutions, technology, industry and academic institutions and will coordinate efforts for exchange of ideas and development of prototypes related to financial innovations. It will strive towards creating an eco-system that would focus on promoting access to financial services and products and would further financial inclusion. It will also develop the required internal infrastructure to promote FinTech research and facilitate engagement with innovators and start-ups.

Selection of Chief Executive Officer, Reserve Bank Innovation Hub

Initiatives of RBI as Innovation Facilitator

Live test the innovative products or services in a controlled environment