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RBI Governor<\/a>, Shaktikanta Das<\/a>, said, \u201cThe Reserve Bank has constantly endeavoured to encourage responsible innovation by entities in the financial services sector. In order to further promote and facilitate an environment that can accelerate innovation across the financial sector, Reserve Bank will set up an Innovation Hub in India.\u201d<\/p>\n Earlier in 2019 the RBI<\/a> had come out with a Regulatory Sandbox framework<\/a> under the theme of digital payments which was the first cohort. Further Six proposals were accepted under the sandbox and the trials or the pilot studies have been delayed due to the present Covid-19 situation. <\/p>\n RBI in a statement said, \u201cAreas such as cyber security, data analytics<\/a>, delivery platforms<\/a>, payments services, etc., remain in the forefront when we think of innovation in the financial sector. The Innovation Hub will act as a centre for ideation and incubation of new capabilities which can be leveraged to create innovative and viable financial products and \/ or services to help achieve the wider objectives of deepening financial inclusion<\/a>, efficient banking<\/a> services, business continuity in times of emergency, strengthening consumer protection, etc. The Innovation Hub will support, promote and hand-hold cross-thinking spanning regulatory remits and national boundaries.\u201d <\/p>\n<\/div>\n