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Reserve Bank Innovation Hub: Bengaluru

Reserve Bank Innovation Hub: Bengaluru

The Reserve Bank of India (RBI) governor inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru.

  • 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 is a wholly owned subsidiary of the RBI.
  • 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 the financial sector in India, coupled with the underlying theme of financial inclusion.
  • 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.
  • It had plans to identify and mentor start-ups having maximum potential.
  • It is also expected to collaborate with various government Ministries, Departments and academia to identify problem statements in different domains and explore potential solutions.
  • RBI Innovation hub hosted Swanari TechSprint to create sustainable solutions for women-owned enterprises.
  • TechSprint is aimed at advancing digital financial inclusion for women in India.

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