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Reserve Bank Innovation Hub (RBIH)

Posted on March 25, 2022 by admin1  72

In News 

  • Recently, the Reserve Bank of India (RBI) governor inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru which is intended to encourage and nurture financial innovation in a sustainable manner through an institutional set-up.

About RBIH

  • It has been set up as a Section 8 company under the Companies Act, 2013 with an initial capital contribution of Rs. 100 crore.
  • It is a wholly owned subsidiary of the RBI.
  • It would create internal capabilities by building applied research and expertise in the latest technology. 
  • It will collaborate with financial sector institutions, policy bodies, the technology industry, and academic institutions and coordinate efforts for exchange of ideas and development of prototypes related to financial innovations.
  • It plans to identify and mentor start-ups having maximum potential.
  • Aims and objectives:
    • It aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
    • It aims  to bring world-class innovation to the financial sector in India, coupled with the underlying theme of financial inclusion.

Source :TH

 
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