Reserve Bank Innovation Hub (RBIH)

In News 

• Recently, the Reserve Bank of India (RBI) governor inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru which is intended to encourage and nurture financial innovation in a sustainable manner through an institutional set-up.

About RBIH

• 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 a wholly owned subsidiary of the RBI.
• It would create internal capabilities by building applied research and expertise in the latest technology. 
• It will collaborate with financial sector institutions, policy bodies, the technology industry, and academic institutions and coordinate efforts for exchange of ideas and development of prototypes related to financial innovations.
• It plans to identify and mentor start-ups having maximum potential.
• Aims and objectives:
  • It aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
  • It aims  to bring world-class innovation to the financial sector in India, coupled with the underlying theme of financial inclusion.

Source :TH