IIT Madras, RBI Innovation Hub sign MoU

India's leading deep tech startup hub, led by IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India, have signed a Memorandum of Understanding (MoU) for the development of a necessary ecosystem to support and scale fintech startups in India.

The two organisations will jointly provide incubation support and nurture early-stage startups with innovative and disruptive solutions and accelerate their scale-up journey.

Selected startups incubated in IITM incubation cells will be eligible for co-incubation and will receive strategic and operational guidance, training and mentoring sessions from RBIH leadership and domain experts, market access and help to connect to a larger ecosystem of startups, vendors, investors and other key resources. IITM Incubation and RBIH may also collaborate on projects including policy whitepapers, research papers under the partnership. 

Rajesh Bansal, CEO of RBI Innovation Hub (RBIH) said, “RBIH aims to foster and evangelize innovation across the financial ecosystem. The startup ecosystem in India makes a significant contribution to the economic prosperity of the nation. Through such incubation partnerships, we intend to build a robust environment conducive to the growth of fintech start-ups in the nation”.

The aim of the project is to empower startups to scale with agility and deploy technological innovations that transform India’s Fintech landscape.