Payment and settlement systems play an important role in improving overall economic efficiency. They consist of all the diverse arrangements that we use to systematically transfer money-currency, paper instruments such as cheques, and various electronic channels.

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Date : Nov 17, 2020
Reserve Bank Innovation Hub

The Reserve Bank in its Monetary Policy Statement on Development and Regulatory Policies dated August 06, 2020, had announced that the Bank will set up Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment which would facilitate and foster innovation.

RBIH would be guided and managed by a Governing Council (GC) led by a Chairperson. The Reserve Bank has appointed Shri Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, as the first Chairperson of the RBIH. Shri Gopalakrishnan is currently the Chief Mentor of Start-up Village, an incubation hub for start-ups. The other members of the Governing Council are as below –

  1. Chief Executive Officer – To be appointed

  2. Prof. Ashok Jhunjhunwala, Institute Professor, IIT, Madras

  3. Prof. H. Krishnamurthy, Former Chief Research Scientist, Indian Institute of Science, Bengaluru

  4. Shri Gopal Srinivasan, CMD, TVS Capital Funds

  5. Shri A.P. Hota, Former CEO, National Payments Corporation of India

  6. Shri Mrutyunjay Mahapatra, Former MD & CEO, Syndicate Bank

  7. Shri T. Rabi Sankar, Executive Director, RBI (ex-officio)

  8. Shri Deepak Kumar, CGM, Department of Information Technology, RBI (ex-officio)

  9. Smt. K. Nikhila, Director, Institute for Development & Research in Banking Technology, Hyderabad (ex-officio)

The RBIH shall create an eco-system that would focus on promoting access to financial services and products. This will also promote financial inclusion. The Hub will collaborate with financial sector institutions, technology industry and academic institutions and coordinate efforts for exchange of ideas and development of prototypes related to financial innovations. It would develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/639