RBI, IIT-M sign MoU to develop startup ecosystem

Chennai: Indian Institute of Technology, Madras (IIT-M), Incubation Cell on Thursday announced signing a memorandum of understanding (MoU) with RBI Innovation Hub, a wholly-owned subsidiary of Reserve Bank of India (RBI), to develop the ecosystem necessary to support and scale financial technology startups in the country.

The two entities, under the association, would jointly provide incubation support and nurture start-ups with innovative solutions and help accelerate the companies to grow. According to a release, select startups would be considered from time to time by RBI Innovation Hub for co-incubation and thereby receive strategic and operational guidance, training and mentoring sessions under RBI Innovation Hub leadership and domain experts.

"RBI Innovation Hub aims to foster and evangelize innovation across the financial ecosystem. The startup ecosystem in India makes a significant contribution to economic prosperity of the nation," RBI Innovation Hub, CEO, Rajesh Bansal, said. "Through such incubation partnership we intend to build a robust environment conducive to growth of fintech start-ups in the nation," he said. The MoU also allows the IITM Incubation Cell and RBI Innovation Hub to collaborate on projects including policy whitepapers, research papers among others.