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The Incubation Cell of the Indian Institute of Technology (IIT) Madras signed a memorandum of understanding with RBI Innovation Hub, a wholly owned subsidiary of the Reserve Bank of India, on Thursday to establish the ecosystem needed to support and expand financial technology start-ups in India.

Under the terms of the agreement, the two corporations will work together to provide incubation support, nurture start-ups with unique solutions, and help them develop faster.

According to a press release, RBI Innovation Hub will examine chosen start-ups for co-incubation from time to time, and they will receive strategic and operational direction, training, and mentorship sessions from RBI Innovation Hub leadership and domain experts.

"The RBI Innovation Hub's mission is to promote and develop innovation within the financial sector. India's start-up ecosystem contributes significantly to the country's economic growth "Rajesh Bansal, CEO of the RBI Innovation Hub, stated.

"We plan to develop a robust ecosystem conducive to the growth of fintech start-ups in the country through such incubator partnerships," he said.

The MoU also opens the way for the IITM Incubation Cell and the RBI Innovation Hub to collaborate on projects such as policy whitepapers and research papers. "India is a country where we continue to observe enormous economic disparities," IIT Madras Research Park and IIT Madras Incubation Cell President professor Ashok Jhunjhunwala stated.

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