RBI to set up Innovation Hub for finance sector in India

Reserve Bank of India announced that it will be setting up an Innovation Hub to promote innovation across the financial sector by leveraging on technology.The statement added that the Innovation Hub will support, promote, and hand-hold cross-thinking "spanning regulatory remits and national boundaries."

"The Innovation Hub will act as a centre for ideation and incubation of new capabilities which can be leveraged to create innovative and viable financial products and / or services to help achieve the wider objectives of deepening financial inclusion, efficient banking services, business continuity in times of emergency, strengthening consumer protection,” the apex bank said after its second bi-monthly monetary meet held on August 6.

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