RBI launches innovation hub with Kris Gopalakrishnan as chairman

The Reserve Bank of India (RBI) on Thursday inaugurated its innovation hub in Bengaluru with former Infosys chief Kris Gopalakrishnan as its chairman. The Reserve Bank Innovation Hub (RBIH) has been set up as a Section 8 company under the Companies Act with an initial capital contribution of Rs 100 crore to encourage financial innovation through an institutional set-up.

Speaking at the launch, RBI governor Shaktikanta Das said that the RBIH puts India’s central bank in an exclusive group of select global central banks that are enterprising enough to change the mode of engagement while dealing with innovation. “It also reflects a genuine commitment to have continuous engagement with industry, innovators, academia and related stakeholders to nurture and leverage beneficial innovation in the financial sector, which can deliver customised products particularly relevant for those at the bottom of the pyramid,” he said.

The Hub is expected to build an ecosystem for development of prototypes, patents and proofs of concept and promote cross-thinking spanning regulatory domains and national boundaries. With its own independent board comprising members from industry and academia, the RBIH will facilitate convergence of ideas among various stakeholders, Das said.

“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. It should be our duty to promote such innovation that not only improves process efficiencies but also transforms the society,”the governor said, adding that the overall focus should be on innovation with a purpose.

To begin with, the Hub will identify and mentor start-ups showing the maximum potential. It is also expected to collaborate with various government ministries, departments and academia to identify problem statements in different domains and explore potential solutions.

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