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News: Reserve Bank of India(RBI) has announced the setting up of an Innovation Hub under the chairmanship of Kris Gopalakrishnan.It has also selected two entities for testing products under regulatory sandbox structure.
- Aim: To create an ecosystem that would focus on promoting access to financial services and products and will also promote financial inclusion.
- 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.
- 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.