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RBI to setup Innovation Hub to encourage startups

Mumbai: The Reserve Bank of India (RBI) said it will set up an innovation hub to encourage start-ups and companies address the challenges of financial inclusionand efficient bankingtransactions. The hub aims 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,” the central bank said in its bi-monthly monetary policy statement on Thursday.

The innovation hub will act as a centre for ideation and incubation of new capabilities, which can be leveraged to create innovative and viable financial products or services. These will help achieve the wider objectives of deepening financial inclusion, efficient bankingservices, ensuring business continuity in times of emergency, and strengthening consumer protection, it added. The central bank, however, did not give further details on funds allocated or location of the project.

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