RBI to set up innovation hub for financial inclusion, efficient banking

The Reserve Bank of India (RBI) on Thursday said it 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.

“To promote innovation across the financial sector by leveraging technology and create an environment which will facilitate and foster innovation, the RBI will set up an innovation hub in India. The innovation hub will support, promote, and handhold cross-thinking, spanning regulatory remits and national boundaries,”