29 Mar 2022 Reserve Bank Innovation Hub
Reserve Bank Innovation Hub – Today Current Affairs
- Recently Reserve Bank Innovation Hub (RBIH) was inaugurated in Bangalore by the Governor of Reserve Bank of India.
Today Current Affairs
Reserve Bank Innovation Hub (RBIH):
- It has been incorporated as a company under Section 8 of the Companies Act, 2013 with an initial capital contribution of Rs.100 crores.
- It is a wholly owned subsidiary of RBI.
Objective: The Hindu Analysis
- RBIH aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
- It is in line with the objective of setting up RBIH, i.e. to bring world class innovations in the financial sector in India with the underlying theme of financial inclusion.
- The Hub is expected to create an ecosystem for prototyping, patenting and testing and fostering a wide range of ideas at the national level spanning regulatory domains and national boundaries.
- It had a plan to identify and mentor start-ups with maximum potential.
- It is also expected to collaborate with various government ministries, departments and academia to identify problems in different areas and explore possible solutions.
- RBI Innovation Hub hosted Swanari TechSprint for sustainable solutions for women-owned enterprises.
- Techsprint aims to advance digital financial inclusion for women in India.
Other Initiatives for Financial Inclusion: The Hindu Analysis
- Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Atal Pension Yojana (APY)
- Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- Standup India Scheme
- Pradhan Mantri Mudra Yojana (PMMY)
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