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Reserve Bank Innovation Hub

Reserve Bank Innovation Hub

Recently, Infosys co-founder, Chris Gopalakrishnan, has been appointed as the first President of the Reserve Bank Innovation Hub. 

What is Reserve Bank Innovation Hub? 

It aims to promote innovation in the financial sector. Through this, the work of establishing effective banking services and increasing financial inclusion will be done. In addition, this will also help in maintaining consistency to strengthen consumer protection mechanisms and trade in times of emergency. 

Earlier, a committee was formed by the Government of India headed by Infosys co-founder Chris Gopalakrishnan, this committee suggested that the exploitation of non-personal data generated in the country should be allowed by companies and institutions.

What is non-personal data? 

Non-personal data is a set of data that does not contain personally identifiable information.In simple words no person or living person can be identified by looking at such data.

The committee had also suggested the establishment of a new authority, which will be empowered to oversee such non-personal data mining.


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