For the promotion of innovation in India, in the fields of finance, through technology, the Reserve Bank of India (RBI), is building an ‘Innovation Hub’.

The innovation hub will capture the throne of ideation and incubation center for new capabilities by edifying the creation of financial products, which are innovative and viable. These presumed products/services are set to help in the achievement of bigger goals of implanting financial inclusion and efficient banking services, side by side other services, on Thursday RBI announced in – ‘Statement on Developmental and Regulatory Policies’.

The RBI Governor, Shaktikanta Das, said, “The Reserve Bank of India, constantly endeavoring encouragement for responsible innovation through entities in the financial services sector.”

For further promotions and facilitation of an eco-system, which empower acceleration for innovation in the financial sector, the Reserve Bank of India is building the Innovation Hub in the land, as per the RBI Governor, Shaktikanta Das.

Expectations are wide regarding this including support, promotion, and guidance cross-thinking revolving regulatory remits and national boundaries.

The announcement told that areas like cybersecurity, data analytics, delivery platforms, and payment services are remaining in the frontline when innovation is considered for the financial sector.