Innovation Hub for Financial Sector in India—By RBI

Published on August 07, 2020
Current Context: Reserve Bank of India has announced that it will be setting up an ‘Innovation Hub’ in India.
Innovation Hub for Financial Sector in India—By RBI
  • The aim behind developing an innovation hub is to increase and deepen financial inclusion and promote banking services effectively and efficiently to the citizens.
  • The innovation hub will support, carry out regulatory practices in the finance sector at the international and national level. It will promote and handhold cross thinking spanning regulatory remits and national boundaries.
  • It will be acting as the finance-related idea creation centre. It will develop new capabilities which will create a viable and trustworthy financial and banking products and services.
  • An innovation hub will also help to strengthen customer trust by providing protection, business continuity even in times of emergency situation.
  • The innovation hub will keep its focus on parameters like data analytics, cyber security, delivery platforms.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 Which entity has decided to set up an Innovation Hub for Financial Sector in India?
a. IRDAI
b. RBI
c. NABARD
d. PFRDA

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