The Reserve Bank of India (RBI) has appointed Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, as the first Chairperson of the Reserve Bank Innovation Hub (RBIH).

In August, RBI had announced that it will set up the Reserve Bank Innovation Hub to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.

The Hub will play a role as a centre for ideation and incubation of new capabilities that can be leveraged to create innovative and viable financial products and/or services to help achieve the wider objectives of deepening financial inclusion, efficient banking services, business continuity in times of emergency, and strengthening consumer protection, among others.

The RBI, in its Statement on Developmental and Regulatory Policies issued on August 6, 2020, had announced that it would set up an Innovation Hub to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation. It added that the RBIH would 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, the technology industry and academic institutions and coordinate efforts for the exchange of ideas and development of prototypes related to financial innovations.

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