IIIT Bengaluru, RBIH collaborate to boost fintech innovation in India

NEW DELHI: The International Institute of Information Technology (IIIT) Bengaluru Innovation Centre (IIIT-B IC) and the Reserve Bank Innovation Hub (RBIH) have signed an agreement aimed at fostering growth and innovation in India’s financial technology (Fintech) sector.

The collaboration was formalized during a ceremony at the RBIH Office in Bengaluru. Leaders from both institutions, including Lakshmi Jagannathan, CEO of IIIT-B IC, and Aakarsh Naidu, head of Fintech and Startups at RBIH, attended the event. As per the official press release, the agreement brings together the strengths of IIIT-B IC and RBIH's expertise in financial domains to create a robust ecosystem that accelerates Fintech innovation, research, and startup support.

Foster innovation in fintech sector

Debabrata Das, Director of IIIT Bangalore, emphasized that the collaboration between the two organizations will be a differentiator in the fintech space. The agreement signifies a combined effort to enhance the fintech sector in India by offering resources to startups and fostering a culture of innovation. Lakshmi Jagannathan, CEO of IIIT-B IC, emphasized that this partnership offers a distinctive chance to enhance the fintech innovation and startup ecosystem, with IIIT-B IC eager to take a leading role.

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Focus on financial inclusion

Rajesh Bansal, CEO of RBIH, expressed that the partnership aims to create a future-ready fintech ecosystem by leveraging both institutions' expertise in technology, innovation, and research. He highlighted that the collaboration will contribute to financial inclusion across the country by addressing the needs of the growing fintech sector.

Bansal said, “by leveraging IIIT-B’s and RBIH’s expertise in technology, innovation and research, we take a step towards creating a future-ready fintech ecosystem. This partnership is a testament to our shared commitment to driving impactful fintech solutions that meet the evolving needs of India’s diverse population and strengthen financial inclusion across the country.”

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