IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly owned subsidiary of the Reserve Bank of India, inked a Memorandum of Understanding (MoU) on Wednesday to collaborate in establishing the ecosystem needed to support and expand fintech businesses in India.
The two organisations will collaborate to give early-stage entrepreneurs with unique and disruptive ideas with incubation support and speed 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.
RBIH will consider select IITM Incubation Cell startups for co-incubation from time to time, and they will receive strategic and operational guidance, training and mentoring sessions from RBIH leadership and domain experts, market access, and connections 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.
