The Reserve Bank of India launched “Innovation Hub” for ideation and incubation of new capabilities that can be leveraged to deepen financial inclusion.
The hub is being launched to promote the start-ups in the country. It will help in ideation and incubation of new capabilities.
This will in turn help to deepen financial inclusion in the country and promote efficient banking services.
The hub is to act as a centre to create viable and innovative financial products. This will provide the following benefits.
The hub will help achieve efficient banking.
Business continuity in times of emergency.
Strengthening consumer protection.
The RBI has recently taken several similar initiatives to encourage responsible innovation. One such recent initiative is the “Regulatory Sandbox”.
.PNG)