RBI to set up innovation hub for financial sector

The Reserve Bank of India (RBI) will establish an "Innovation Hub" in the country to promote innovation across the financial sector by leveraging technology.

In its "Statement on Developmental and Regulatory Policies", the RBI on Thursday said that the hub will act as a centre for ideation and incubation of new capabilities which can be leveraged to create innovative and viable financial products and services to help achieve the wider objectives of deepening financial inclusion and efficient banking services among others.

"The Reserve Bank has constantly endeavoured to encourage responsible innovation by entities in the financial services sector. In order to further promote and facilitate an environment that can accelerate innovation across the financial sector, the Reserve Bank will set up an Innovation Hub in India," said RBI Governor Shaktikanta Das.

The Innovation Hub is expected to support, promote and hand-hold cross-thinking spanning regulatory remits and national boundaries.

It noted that areas such as cyber security, data analytics, delivery platforms, payments services and so on, remain in the forefront in terms of innovation in the financial sector.

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