RBI Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru on Thursday, which was established with a Rs 100 crore initial capital contribution to foster and nurture financial innovation. According to the central bank, the Hub has an independent Board with Senapathy (Kris) Gopalakrishnan as Chairman and other notable people from industry and academics as members.
- The RBIH was established as a Section 8 business under the Companies Act of 2013, with an initial capital contribution of Rs 100 crore, to stimulate and develop financial innovation in a long-term institutional setting.
- RBIH intends to build an ecosystem that promotes access to financial services and goods for the country’s low-income people.
- The Hub would bring together several stakeholders in the financial innovation area (BFSI sector, startup ecosystem, regulators, and academia).
Important Takeaways for exam:
- RBIH: Reserved bank of India was established as a Section 8 business under the Companies Act of 2013.
- RBI Governor: Shaktikanta Das