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RBI Innovation Hub and IIT MIC to nurture financial innovation and inclusion

RBI Innovation Hub, a wholly owned subsidiary of the Reserve Bank of India committed to promoting innovation across the financial sector through the use of technology, and IIT Madras Incubation Cell have signed an MoU to strategically collaborate on financial innovation and inclusion in India, ensuring economic development for all.

Select startups incubated at IITM Incubation Cell, India’s leading deep-tech startup hub, will be considered for co-incubation from time to time by RBIH, and will thus receive strategic and operational guidance, training and mentoring sessions from RBIH leadership and domain experts, market access, and access to a larger ecosystem of startups, vendors, investors, and other key resources. Under this partnership, the IITM Incubation Cell and RBIH may also collaborate on projects such as policy whitepapers and research papers.

Rajesh Bansal, CEO,  RBI Innovation Hub said, “RBIH aims to foster and evangelize innovation across the financial ecosystem. The startup ecosystem in India makes a significant contribution to economic prosperity of the nation. Through such incubation partnership we intend to build a robust environment conducive to growth of fintech start-ups in the nation.” 

Professor Ashok Jhunjhunwala, President, IIT Madras Incubation Cell and IIT Madras Research Park, said, “With advances in financial technology and digital transactions, we look forward to working along with more startups to make financial inclusion simpler to achieve.”

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