RBI to establish innovation hub for financial inclusion

The Reserve Bank of India informed they will set up an innovation hub to encourage start-ups and companies meet the challenges of financial inclusion and efficient banking transactions. The hub targets to bring solutions to the financial sector by tapping into areas such as cybersecurity, data analytics, delivery platforms, and payment services.

“To promote innovation across the financial sector by leveraging technology and create an environment which will facilitate and foster innovation, the RBI will set up an innovation hub in India. The innovation hub will support, promote, and handhold cross-thinking, spanning regulatory remits and national boundaries,” said a statement on Thursday.

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The innovation hub will be a centre for ideation and incubation of new capabilities, which can be used to create innovative and viable financial products or services to achieve the wider objectives of deepening financial inclusion, efficient banking services, ensuring business continuity in times of emergency, and bolstering consumer protection, it added. However further details on funds allocated or location of the project is yet to come