RBI Innovation Hub

Why in news?

• The RBI Governor inaugurated the Bengaluru-based RBI Hub, which is a wholly-owned subsidiary of the RBI.
• It has been set up by RBI as a Section 8 company under Companies Act, 2013, with an initial capital contribution of Rs. 100 crore.

About RBI Innovation Hub (RBIH):

• The Reserve Bank Innovation Hub is a wholly owned subsidiary of the RBI set-up to promote and facilitate an environment that accelerates innovation across the financial sector.
• It is an investment for the future aimed at facilitating an environment that accelerates innovation across the financial sector.

Objectives:

• To build an ecosystem for development of prototypes, patents and proofs of concept and promote cross-thinking spanning regulatory domains and national boundaries.
• To promote access to financial services and products for the low-income population in the country.
• Identifying and mentoring start-ups having maximum potential.
• Collaborate with various Govt Ministries/ Departments/ Academia to identify problem statements in different domains and explore potential solutions.

PRACTICE QUESTION

Consider the following statements regarding ‘RBI Innovation Hub’:

1. It is a wholly-owned subsidiary of the RBI.

2. It promote access to financial services and products for the low-income population in the country

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither

Answer