Madras’ IIT and RBI Innovation Hub make ties with Boost fintech startups

IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India, inked a Memorandum of Understanding (MoU) to collaborate in establishing the ecosystem needed to support and expand fintech businesses in India. The two organisations will collaborate to give early-stage entrepreneurs with unique and disruptive ideas with incubation support and speed their scale-up journey.

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KEY POINTS:

• “India’s startup ecosystem contributes significantly to the country’s economic prosperity.” We seek to create a robust ecosystem conducive to the growth of fintech start-ups in the country through such incubation collaborations,” Rajesh Bansal, CEO of RBI Innovation Hub (RBIH), said.
• RBIH will consider select startups incubated at IITM Incubation Cell for co-incubation from time to time, and they will receive strategic and operational guidance, as well as training and mentoring sessions from RBIH leadership and domain experts, market access, and connections to a larger ecosystem of startups, vendors, investors, and other resources.
• “This collaboration with RBIH is a step in the right direction.” We look forward to partnering with more entrepreneurs to make financial inclusion easier to attain, thanks to developments in financial technology and digital transactions,” said Professor Ashok Jhunjhunwala, President, IIT Madras Incubation Cell (IITMIC) and IIT Madras Research Park (IITMRP).

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