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RBI to set up innovation hub for financial sector
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SME Times News Bureau | 06 Aug, 2020
The Reserve Bank of India (RBI) will establish an "Innovation Hub" in
the country to promote innovation across the financial sector by
leveraging technology.
In its "Statement on Developmental and
Regulatory Policies", the RBI on Thursday said that the hub will act as a
centre for ideation and incubation of new capabilities which can be
leveraged to create innovative and viable financial products and
services to help achieve the wider objectives of deepening financial
inclusion and efficient banking services among others.
"The
Reserve Bank has constantly endeavoured to encourage responsible
innovation by entities in the financial services sector. In order to
further promote and facilitate an environment that can accelerate
innovation across the financial sector, the Reserve Bank will set up an
Innovation Hub in India," said RBI Governor Shaktikanta Das.
The
Innovation Hub is expected to support, promote and hand-hold
cross-thinking spanning regulatory remits and national boundaries.
It
noted that areas such as cyber security, data analytics, delivery
platforms, payments services and so on, remain in the forefront in terms
of innovation in the financial sector.
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