IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly owned subsidiary of the Reserve Bank of India (RBI), have signed a memorandum of understanding to develop the ecosystem required necessary to support and scale fintech start-ups in India.
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The two organisations will jointly provide incubation support and nurture early-stage start-ups with innovative and disruptive solutions.
Select start-ups incubated at the IITMIC will be considered from time to time by the RBIH for co-incubation. Thus, they will receive strategic and operational guidance, benefit from training and mentoring sessions conducted by RBIH leadership and domain experts, gain market access and connect to a larger ecosystem of start-ups, vendors, investors and other key resources. Additionally, the IITMIC and the RBIH may collaborate on projects, including policy White Papers and research papers.
RBIH CEO Rajesh Bansal said, “Through such incubation partnership, we intend to build a robust environment conducive to the growth of fintech start-ups in the nation.”
Ashok Jhunjhunwala, president of IITMIC and IIT Madras Research Park (IITMRP), said, “With advances in financial technology and digital transactions, we look forward to working along with more start-ups to make financial inclusion simpler to achieve."