India's leading deep-tech startup hub spearheaded by IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly owned subsidiary of Reserve Bank of India, have signed a Memorandum of Understanding (MoU) to work together in developing the ecosystem necessary to support and scale fintech startups in India.
Through this strategic collaboration, the two organizations will jointly provide incubation support and nurture early-stage startups with innovative and disruptive solutions and accelerate their scale-up journey.
Select startups incubated at IITM Incubation Cell will be considered from time to time by RBIH for co-incubation and thereby receive strategic and operational guidance, training and mentoring sessions by RBIH leadership and domain experts, market access and connect to a larger ecosystem of startups, vendors, investors, and other key resources.
In addition, IITM Incubation Cell and RBIH may collaborate on projects including policy whitepapers, research papers under this partnership. Rajesh Bansal, CEO of RBI Innovation Hub (RBIH) said, “RBIH aims to foster and evangelize innovation across the financial ecosystem. The startup ecosystem in India makes a significant contribution to the economic prosperity of the nation. Through such incubation partnerships we intend to build a robust environment conducive to growth of fintech start-ups in the nation”. The aim of the project is to empower startups to scale with agility and deploy technological innovations that transform India’s Fintech landscape.