The Reserve Bank of India (RBI) is inviting candidates to head the Reserve Bank Innovation Hub (RBIH), a newly set-up entity run by the central bank. The appointment of the candidate for the post of chief executive officer of RBIH will be made on contract basis initially for three years and later to be extended for up to five years, said RBI.
The central bank recently appointed Kris Gopalakrishnan, co-founder and former co-Chairman of Infosys Ltd., as the first chairman of the RBIH’s governing council, along with Professor Ashok Jhunjhunwala of the Indian Institute of Technology, Madras, A.P. Hota, former chief executive officer of the National Payments Corporation of India, and Mrutyunjay Mahapatra, former chairman and managing director, Syndicate Bank, among others.
“RBI announced setting up of the Reserve Bank Innovation Hub (RBIH or the Hub) with the objective to test potential new capabilities, opportunities in technology and leverage on the same to create viable products or services and enable their adoption for wider reach and greater impact across the country. The Hub would also develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups,” reads RBI’s innovation.
Further, the RBIH will be collaborating with financial sector institutions, technology industry and academic institutions in a bid to exchange ideas and develop prototypes pertaining to financial innovations.
In November, the central bank said “It would develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups,” the RBI had said