RBI launched Innovation Hub for finance sector in India

 

The Reserve Bank of India announced on 06 August 2020 that it would set up an Innovation Hub to promote innovation in the financial sector by leveraging technology.

What is Innovation Hub?

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. Innovation Hub will provide the following benefits.

1.      The hub will help achieve efficient banking.

2.      Business continuity in times of emergency.

3.      Strengthening consumer protection.  

Reserve Bank Of Indi

Reserve Bank of India (RBI) is the Central Bank of India. RBI was established on 1 April 1935 by the RBI Act 1934. Key functions of RBI are, banker's bank, the custodian of foreign reserve, controller of credit and to manage printing and supply of currency notes in the country. RBI plays an important part in the Development Strategy of the Government of India.

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