Reserve Bank Innovation Hub(RBIH) – UPSC Prelims

Facts:
  • Aim: To create an ecosystem that would focus on promoting access to financial services and products and will also promote financial inclusion.
  • Features:
    • The Hub will collaborate with financial sector institutions, technology industry and academic institutions and coordinate efforts for exchange of ideas and development of prototypes related to financial innovations
    • It would also develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups.
Additional Facts:
  • Regulatory Sandbox: It is an infrastructure that helps financial technology (FinTech) players live test their products or solutions before getting the necessary regulatory approvals for a mass launch.
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