Important Facts For Prelims
Reserve Bank Innovation Hub
- 25 Mar 2022
- 2 min read
Why in News?
Recently, the Reserve Bank of India (RBI) governor inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru.
What is the RBIH?
- About:
- 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.
- Objective:
- 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.
- RBIH aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
