Through this strategic partnership, the two organizations will jointly provide incubation support, nurture start-ups with innovative and disruptive solutions and accelerate their scale-up journey.

India’s leading deep-tech start-up hub led by IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly owned subsidiary of Reserve Bank of India, have signed a Memorandum of Understanding to collaborate in developing the ecosystem needed to support and scale fintech startups in India.

Through this strategic partnership, the two organizations will jointly provide incubation support, nurture start-ups with innovative and disruptive solutions and accelerate their scale-up journey.

Certain startups incubated at IITM Incubation Cell will be considered by RBIH from time to time for co-incubation, receiving strategic and operational guidance, training and mentoring sessions by RBIH leadership and domain experts, market access and connection to a larger ecosystem of startups , suppliers, investors and other important sources.

In addition, IITM Incubation Cell and RBIH can collaborate on projects, including policy white papers and research papers under this partnership.

Rajesh Bansal, CEO of RBI Innovation Hub (RBIH), said: “RBIH is committed to fostering and evangelizing innovation in the financial ecosystem. India’s startup ecosystem is a major contributor to the country’s economic prosperity. Through such an incubation partnership, we intend to build a robust environment conducive to the growth of fintech startups in the nation.”

Through careful incubation, the goal is to enable startups to scale flexibly and deploy technological innovations that are transforming India’s fintech landscape.

Ashok Jhunjhunwala, President, IIT Madras Incubation Cell (IITMIC) and IIT Madras Research Park (IITMRP), said: “India is a country where we continue to see great economic inequality. To solve this challenge, we need to work towards financial inclusion to ensure inclusive economic development for all. This partnership with RBIH is a positive step in this direction. With advancements in financial technology and digital transactions, we look forward to partnering with more startups to make financial inclusion easier.”

The partnership also aligns with one of IITM Incubation Cells’ ambitious goals, driven by IIT Madras Research Park, to propagate the vision of financial inclusion in achieving sustainable and inclusive socio-economic growth for India.


This post IIT-M Incubation Cell, RBI Innovation Hub join forces to support fintech startups was original published at “https://www.financialexpress.com/industry/iit-m-incubation-cell-rbi-innovation-hub-join-hands-to-support-fintech-startups/2463439/”

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