New Delhi: Indian Institute of Technology Madras (IITM) Incubation Cell collaborated with Reserve Bank of India Innovation Hub for developing the fintech ecosystem in India.
This collaboration between RBI Innovation Hub and Incubation Cell of IIT Madras will foster the fintech start-ups and also provide incubation support. Through this collaboration, the start-ups will receive strategic and operational guidance, training, and also monitoring sessions will be provided.
RBI Innovation Hub is a wholly-owned subsidiary of RBI. They are in collaboration with incubation cells developing this fintech ecosystem in India to give a boost to the start-ups related to fintech.
Rajesh Bansal, CEO of RBI Innovation Hub said, “RBIH aims at fostering and evangelizing innovation across the financial ecosystem. The start-up ecosystem in India makes a significant contribution to the economic prosperity of the nation. Through such incubation partnerships, we intend to build a robust environment conducive to the growth of fintech start-ups in the nation”.
Start-ups will have a larger ecosystem of start-ups, vendors, investors, and other essential resources.
“India is a country where we continue to see a large economic disparity. To solve this challenge, we need to work towards financial inclusion in ensuring inclusive economic development for all. This collaboration with RBIH is a positive step forward in this direction.
With advances in financial technology and digital transactions, we look forward to working along with more start-ups to make financial inclusion simpler to achieve”, said Ashok Jhunjhunwala, president, IIT Madras Incubation Cell (IITMIC) and IIT Madras Research Park (IITMRP).
Meanwhile, in early March, IIT Madras Incubation Cell received INR 14 Crore from MediBuddy for growth and development. With this step, MediBuddy’s co-founders and alumni of IIT Madras will contribute towards overall growth and development of the institute.
IITM incubation cell has already aided 250 start-ups and entrepreneurs to create a supportive ecosystem for students and working professionals for their own start-ups.
IIT Madras has taken many initiatives in recent times to support startups in India. This includes its collaboration with Walmart Global Tech (WGT). Walmart associates will be offered with continued education along with collaborations in terms of projects pertaining to Corporate Social Responsibility for their functioning in India.
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