Reported by: banking|Updated: November 20, 2020
The Reserve Bank of India has appointed Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, as the first Chairperson of the Reserve Bank Innovation Hub (RBIH). RBI had announced the setting up of the Innovation Hub in its statement on Developmental and Regulatory Policies sometime in August. It is intended to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation, RBI had said then. RBIH will be guided and managed by a Governing Council led by the Chairperson. Besides Gopalakrishnan, the Governing Council will have 9 other members including a CEO (to be appointed); Ashok Jhunjhunwala, Institute Professor, IIT, Madras; H. Krishnamurthy, Principal Research Scientist, IISc, Bengaluru, Gopal Srinivasan, CMD, TVS Capital Funds, and A.P. Hota, former CEO, National Payments Corporation of India. RBI also said the RBIH would create an ecosystem that would focus on promoting access to financial services and products. This will also promote financial inclusion. It will collaborate with financial sector institutions, the technology industry, and academic institutions and coordinate efforts for the exchange of ideas and the development of prototypes related to financial innovations.