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Innovation Hub

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    7th Aug, 2020
  • 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”.

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