Amazon Quiz: The Reserve Bank Innovation hub was recently inaugurated in which city?
Chennai
Mumbai
New Delhi
Bengaluru
Answer: Bengaluru
Reserve Bank of India (RBI) Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, on March 24, 2022.
“RBIH aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country”, Das said while inaugurating the hub.
The 65-year-old added, “This is in line with the objective behind establishment of RBIH i.e., to bring world-class innovation to the financial sector in India, coupled with the underlying theme of financial inclusion”.
Das then continued at the inauguration ceremony, “This initiative puts RBI in an exclusive group of select global central banks that are enterprising enough to change the mode of engagement while dealing with innovation”.
The 25th governor of the Reserve Bank of India further explained, “The RBIH is an investment for the future. The Hub is expected to build an ecosystem for development of prototypes, patents and proofs of concept and promote cross-thinking, spanning regulatory domains and national boundaries.”
The RBIH is intended to encourage and nurture sustainable financial innovation and was set up as a subsidiary of the RBI. The initial paid-up capital was Rs 100 crore.
The RBIH will work in collaboration with various ministries government departments, and academia in order to identify issues in various sectors and find potential solutions for them as well.
As per their press release, the RBIH was set up as a Section 8 company under Companies Act, 2013, and has an independent Board with Shri Senapathy (Kris) Gopalakrishnan serving as the Chairman.
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