IIT Madras Incubation Cell and RBI Innovation Hub sign MoU to develop ecosystem for fintech startups

Chennai: The deep-tech startup hub spearheaded by IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly owned subsidiary of Reserve Bank of India, on Wednesday signed a Memorandum of Understanding (MoU) to work together in developing the ecosystem necessary to support and scale fintech startups in India.

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

“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 growth of fintech start-ups in the nation,” Rajesh Bansal, CEO of RBI Innovation Hub (RBIH) said.

Select startups incubated at IITM Incubation Cell will be considered from time to time by RBIH for co-incubation and will receive strategic and operational guidance, training and mentoring sessions by RBIH leadership and domain experts, market access and connect to a larger ecosystem of startups, vendors, investors, and other resources.

“This collaboration with RBIH is a positive step forward in this direction. With advances in financial technology and digital transactions, we look forward to working along with more startups to make financial inclusion simpler to achieve,” Professor Ashok Jhunjhunwala, President, IIT Madras Incubation Cell (IITMIC) and IIT Madras Research Park (IITMRP), said.

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

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