The Reserve Bank Innovation Hub (RBIH) should aim to establish itself as a respected innovation and incubation centre, and showcase India’s commitment to openness of ideas, resolve to innovate, with an underlying concern for inclusive growth, said RBI Governor Shaktikanta Das.
Speaking at the inauguration of RBIH in Bengaluru, Das expressed confidence that the hub will facilitate making the financial sector more agile, participative and robust.
“RBIH is an investment for the future. The hub is expected to build an ecosystem for the development of prototypes, patents and proofs of concept and promote cross-thinking spanning regulatory domains and national boundaries. While fostering innovation, however, the underlying focus of RBIH should always be to promote access to financial services and products for the low-income population in the country. I am happy to hear that, to begin with, the hub has plans of identifying and mentoring start-ups having maximum potential,” added Das.
It was decided to set up the hub in Bengaluru based on the availability of skilled personnel, the innovation eco-system, links with academia/incubation centres, and other factors. This initiative places the RBI in an exclusive group of select global central banks that are enterprising enough to change their mode of engagement in the process of innovation.