Reserve Bank Innovation Hub.

Why in news?

• It has been inaugurated in Bengaluru.
• Set up as a Section 8 company under Companies Act, 2013, with an initial capital contribution of Rs 100 crores.
• RBIH aims to encourage and nurture financial innovation in a sustainable manner through an institutional set-up.
• It creates an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
• Hub would bring convergence among various stakeholders (BFSI Sector, Start-up ecosystem, Regulators and Academia) in the financial innovation space.