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RBI invites candidates to head Innovation Hub

The Reserve Bank of India (RBI) has invited candidates to apply for the top job at the Reserve Bank Innovation Hub (RBIH), a newly formed organisation within the central banks’ ambit. The appointment for the post of the chief executive officer of RBIH will be on a contract basis for an initial term of three years, extendable up to five years, the RBI said.

Kris Gopalakrishnan, co-founder and former co-Chairman of Infosys Ltd., was recently appointed as the first chairman of the RBIH’s governing council, along with Professor Ashok Jhunjhunwala of the Indian Institute of Technology, Madras, A.P. Hota, former chief executive officer of the National Payments Corporation of India, and Mrutyunjay Mahapatra, former chairman and managing director, Syndicate Bank, among others.

“RBI announced setting up of the Reserve Bank Innovation Hub (RBIH or the Hub) with the objective to test potential new capabilities, opportunities in technology and leverage on the same to create viable products or services and enable their adoption for wider reach and greater impact across the country. The Hub would also develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups.” — RBI Invitation

The RBIH will collaborate with financial sector institutions, technology industry and academic institutions to excahnge ideas and develop prototypes related to financial innovations. “It would develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups,” the RBI had said in November.

Candidate qualifications must include:

  • Over 20 years experience in financial services innovations using technology
  • Links within the Banking, Financial Services and Insurance industry and technology community
  • Ability to identify critical trends in FinTech that require research and development
  • Experience with building or leveraging new age technologies and infrastructure
  • Ability to identify risks that may arise and proactively mitigate these risks

Key responsibilities of the CEO include:

  • Create an institutional roadmap for RBIH to be a leading body in encouraging adoption and usage of banking and financial services technology for the larger public good
  • Advise RBI on innovations and emerging technology, particularly in fields like information security, analytics and electronic payments
  • Innovations of the RBIH should promote access to and inclusion of financial services and products
  • Work in partnership with other regulators and government for system-wide innovation
  • Drive partnerships with industry to create joint centers of excellence to further innovation
  • Build a network of experts from academia, banks, non-banking lenders, fintechs and startups to promote pilot projects and fund innovative ventures

The last date for applications is January 22, 2021.

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