RBI to set up innovation hub for finance sector
As per the framework, the companies with a net worth of over Rs 500 crore will be eligible to set up an umbrella entity which among other things will be permitted to set up, manage and operate new payment systems in the retail space comprising ATMs, White Label PoS, Aadhaar-based payments and remittance services.
Reserve Bank of India (RBI) is in the process of setting up an innovation hub which will focus on future technology in the financial services space, an RBI official said on Monday. Photo: Reuters