RBI to set up innovation hub for financial inclusion

07-Aug-20

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The Reserve Bank of India (RBI) will set up an innovation hub to encourage start-ups and companies address the challenges of financial inclusion and efficient banking transactions.
The hub aims to bring solutions to the financial sector by tapping into areas such as cybersecurity, data analytics, delivery platforms, and payment services.
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 or services. These will help achieve the wider objectives of deepening financial inclusion, efficient banking services, ensuring business continuity in times of emergency, and strengthening consumer protection.
The move comes close on the heels of the RBI setting up a regulatory sandbox framework where solutions related to digital payments was the first cohort announced in November last year. Six proposals were received under the sandbox, the pilot studies or trials of which have been delayed due to the Covid-19 pandemic.
The purpose of a regulatory sandbox stemmed from then RBI executive director Sudarshan Sen’s committee in 2017, referring to live testing of new products or services in a controlled environment for which regulators may permit certain regulatory relaxations for the limited purpose of testing.
The RBI has also announced a scheme on a pilot basis for offline retail payments using cards and mobile devices. The aim is to encourage customers to go for digital transactions, even in places where internet connectivity is absent.

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