RBI (Reserve bank of India) nation’s central bank, which works with monetary management, foreign exchange, and reserves has recently launched its RBIH (Reserve Bank Innovation Hub). Shaktikanta Das the governor of the RBI governor inaugurates RBIH (Reserve Bank Innovation Hub) on the 26th of March 2022 in Bengaluru. It is a 100 crore initial capital contribution to foster and cultivate financial innovation. The hub has an independent board with Senapathy Gopalkrishnan and other notable members as key administrators
What is RBIH?
The Reserve Bank Innovation Hub is a wholly-owned subsidiary of the Reserve Bank of India (RBI) set up to promote and facilitate an environment that accelerates innovation across the financial sector. It works to cultivate innovative financial products for a billion Indians in a secure frictionless manner. The hub will collaborate with financial sector institutions, policy bodies, the technology industry, and academic institutions and coordinate efforts for the exchange of ideas and development of prototypes related to financial innovation
What Does RBIH do?
Financial institutions, policy bodies, start-ups, or businesses alone cannot address the global shifts, regulatory and technological challenges of an increasingly complex, interdependent, and fast-transforming world of the financial sector. Instead, they need to work together via a trusted platform for informed collaboration and cooperation.
The Benefits of RBIH
The RBIH will read the challenges of the Indian financial system and would grow accordingly to help the financial system. This will not only help to give a boost to the Indian economy also will create many opportunities.
RBI in collaboration with various sectors is trying its best to revive the Indian economy that has taken a hit due to COVID-19 pandemic. Many steps have been taken and new guidelines have been issued to make the Indian economy stronger than ever.
