Mumbai: the Reserve Bank of India has appointed Rajesh bansal, a member of the founding team of Aadhaar who played a key role in the design of India’s direct benefit transfer system and electronic KYC (eKYC) at the head of its innovation hub.
Bansal’s role will be to set a roadmap for the organization that should be an “evangelist” in banking and financial services technology for the broader public good. He will also advise RBI on desirable innovations and their viability with emerging technologies.
Bansal has over 25 years of experience designing people-wide payment products based on technology, electronic money transfers, digital financial services and digital identifiers to enable inclusive development in India. and in multiple Asian and African markets. He previously held various roles at the RBI in the areas of technology, financial inclusion and payments systems.
RBI had set up the innovation hub last year to facilitate faster innovation. The hub will be managed by a board of directors with Senapathy Gopalakrishnan (Kris), co-founder and former co-chairman, Infosys as first chairman.
The hub will work on developing core capabilities in areas such as information security, analytics and electronic payments. It will also monitor and ensure that the implementation of these initiatives promotes access to and inclusion of financial products and services.
It is expected to play a role beyond the banking sector, as the center will build partnerships between regulators and ministries for system-wide innovation.