IIIT-B, RBIH Partner To Revolutionize Fintech Innovation In India

Bangalore, Sept 15, 2024: International Institute of Information Technology Bengaluru Innovation Centre (IIIT-B IC) and the Reserve Bank Innovation Hub (RBIH) have signed a Memorandum of Understanding (MoU) to foster innovation and growth in the Fintech sector. This collaboration aims to create a unified and robust ecosystem that accelerates the growth of financial technology through innovation, research, and support for startups.

The MoU formalizes the partnership between IIIT-B IC and RBIH, combining their strengths to create a robust ecosystem for Fintech development. This agreement represents a shared commitment to enhancing the Fintech landscape, providing valuable resources, and fostering a culture of innovation.

The MoU signing was held at the RBIH Office in Bengaluru on Saturday in the presence of Dr Lakshmi Jagannathan, CEO, IIIT-B IC and Aakarsh Naidu, Head of Fintech and Startups, RBIH. 

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Prof Debabrata Das, Director IIIT Bangalore emphasized the importance of this MoU and opined that with the financial domain expertise of RBI coupled with the deeptech expertise of IIIT-B, fintech as well this initiative will be a clear differentiator.

Dr Lakshmi Jagannathan, CEO of IIIT-B-IC, highlighted that this is a unique opportunity to strengthen the Fintech Innovation and Startup Ecosystem and IIITBIC is keen to lead from the front.

Rajesh Bansal, CEO of Reserve Bank Innovation Hub (RBIH), said, “By leveraging IIIT-B’s and RBIH’s expertise in technology, innovation and research, we take a step towards creating a future-ready fintech ecosystem. This partnership is a testament to our shared commitment to driving impactful fintech solutions that meet the evolving needs of India’s diverse population and strengthen financial inclusion across the country.” 

RBIH is a wholly-owned subsidiary of the Reserve Bank of India, set up to promote and facilitate an environment that accelerates innovation across the financial sector. RBIH intends to foster and evangelize innovation across the financial sector to enable “Frictionless Finance for a Billion Indians”. To do so, RBIH serves to enable synergy between technology companies, banks, non-banking financial companies, fintech, academia, and investors through three pillars of focus – Product innovation, Process innovation, and Policy innovation, spearheaded by technology.