The Reserve Bank of India in a statement released on November 17, 2020, informed that the co-founder and former Co-Chairman of Infosys, Senapathy (Kris) Gopalakrishnan has been appointed as the first Chairperson of Reserve Bank Innovation Hub (RBIH). Currently, he is a Chief Mentor of Start-Up village which is an incubation hub for various start-ups.
In August 2020, the central bank had announced to set up the Reserve Bank Innovation Hub for promoting innovation across the financial sector. The process will take place by leveraging technology and by creating an environment that will foster and facilitate innovation.
Functions of RBIH:
The Reserve Bank Innovation Hub will be creating an ecosystem that will focus on promoting access to financial services and products. The central bank added that the hub will promote financial inclusion as well.
The hub created by the central bank will also be collaborating with the technology industry, financial sector institutions, and academic institutions. It will also coordinate efforts for the exchange of ideas and the development of prototypes that are related to financial institutions.
It will also further develop internal infrastructure for promoting the fintech research as well as will promote engagements with start-ups and innovators.
Governing Council of RBIH:
The Reserve Bank Innovation Hub (RBIH) will be guided and managed by the governing council which will be led by a Chairperson. Other members of the governing council are:
• CEO (to be appointed)
• Ashok Jhunjhunwala (Institute Professor at IIT, Madras)
• Krishnamurthy (Principal Research Scientist at IISc, Bengaluru)
• Gopal Srinivasan (CMD, TVS Capital Funds)
• A P Hota (Former CEO of NPCI)
• Mrutyunjay Mahapatra (Former CMD of Syndicate Bank)
• T Rabi Sankar (Executive Director of RBI)
• Deepak Kumar (CGM of Department of Information Technology, RBI)
• K Nikhila (Director, Development, and Research in Banking Technology Institute, Hyderabad).
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