Kris Gopalakrishnan is also the co-founder of Infosys Ltd. He will chair the new innovation hub. It mainly aims to promote the financial sector with the help of technology. The Reserve Bank Innovation Hub is managed by the GC.
The team has various expert members like Ashok Jhunjhunwala the professor of IIT Delhi, H, Krishnamurthy, and many other experts of various fields. There will also be a chief executive who will be appointed soon. According to the announcement of RBI, the hub will be set up by 6 August.
It is expected to create better access to financial services and products. It is definitely expected to aid financial inclusion. There will be a collaboration between various sectors. The central bank has been receiving applications from different entities. Few of them started testing their products in November and the rest is expected to start soon.
The Nucleus Software Exports Ltd is trying to develop their offline digital cash product, which will help the people of the rural areas to access the facilities.