Mumbai: Reserve Bank of India has appointed Rajesh Bansal, a member of the founding team of Aadhaar who played a key role in designing India’s Direct Benefits Transfer system and electronic KYC (eKYC) as the head of its innovation hub.
Bansal’s role will be to put in place a roadmap for the organisation which is expected to be an ‘evangelist’ in banking and financial services technology for the larger public good. He will also advise RBI on desirable innovations and their viability with emerging technology.
Bansal has over 25 years of experience in designing technology-led population-scale payment products, electronic cash transfers, digital financial services, and digital IDs to enable inclusive development in India and multiple Asian and African markets. He has earlier served at the RBI in various capacities in the areas of technology, financial inclusion and payment systems.
RBI had set up the innovation hub last year to facilitate faster innovation. The hub will be managed by a governing council with Senapathy Gopalakrishnan (Kris), co-founder and former co-chairman, Infosys as the first chairman.
The hub will work on developing core capabilities in the fields like information security, analytics and electronic payments. It will also monitor and ensure that the implementation of such initiatives promotes access to and inclusion of financial services and products.
It is expected to play a role beyond banking as the hub will build partnerships across regulators and government ministries for system-wide innovation.