Also likely to collaborate with various govt ministries and academia
The Reserve Bank Innovation Hub(RBIH) is an investment for the future, aimed at facilitating an environment that accelerates innovation across the financial sector,according to RBI Governor Shaktikanta Das.
The Governor on Thursday inaugurated the Bengaluru-based Hub, which is a wholly-owned subsidiary of the RBI. It has been set up by RBI as a Section 8 company under Companies Act, 2013, with an initial capital contribution of Rs. 100 crore.
The Hub is expected to build an ecosystem for development of prototypes, patents and proofs of concept and promote cross-thinking spanning regulatory domains and national boundaries, Das said.
“…While fostering innovation, however, the underlying focus of RBIH should always be to promote access to financial services and products for the low-income population in the country. It should be our duty to promote such innovation that not only improves process efficiencies but also transforms the society,” the Governor said.
Das said that to begin with, the Hub has plans of identifying and mentoring start-ups having maximum potential.
The Governor emphasised that RBIHreflects a genuine commitment to have continuous engagement with industry, innovators, academia and related stakeholders to nurture and leverage beneficial innovation in the financial sector, which can deliver customised products particularly relevant for those at the bottom of the pyramid.
“I have no doubt that this transformative move will facilitate further innovation not just in the areas under the remit of RBI but across the entire spectrum of financial sector in the country,” he said.
Das observed that the Hub is also expected to collaborate with various Government Ministries / Departments / Academia to identify problem statements in different domains and explore potential solutions.
“To become a Hub in true sense, RBIH should serve as a focal point for interaction among various stakeholders. It should become the epicentre for exchange of views and knowledge-sharing, while also remaining focused on delivering clear cut objectives within reasonable timelines,” the RBI chief said.