Kris Gopalakrishnan- First Chairperson of Reserve Bank Innovation Hub

Kris Gopalakrishnan, who was the former co-chairman and co-founder of Infosys, has been appointed as the first Chairperson of Reserve Bank Innovation Hub by the Reserve Bank of India (RBI) on November 17, 2020.

Reserve Bank Innovation Hub

The Reserve Bank Innovation Hub has been set up by RBI to promote, support and hand-hold cross thinking. The primary aim of the Innovation hub is to increase the use of innovative technologies all across the finance sectors. It acts as a centre for the incubation and ideation of new capabilities. These new capabilities can leveraged to create the innovative financial services and products.

Objectives of the Innovation Hub

The Reserve Bank Innovation Hub seeks to achieve the understated objectives:

  1. To provide an efficient Banking services.
  2. To deepen the Financial Inclusion.
  3. To strengthen the consumer protection.
  4. To support the Business Continuity in times of emergency.

Who is Kris Gopalakrishnan?

Kris Gopalakrishnan is also known as Senapathy Gopalakrishnan. He is Chairman of Axilor Ventures and was the former executive vice chairman of Infosys. He is one of its seven founders. Now, he has been appointed to lead the Governing Council that will operate the Reserve Bank Innovation Hub.

Governing council

The governing council would be chaired by Kris Gopalakrishnan. Apart from him, the council would comprise of nine other members. The members come from different IITs, IISc and National Payment Corporation of India. The Governing Council will operate the Reserve Bank Innovation Hub.

Kris Gopalakrishnan Committee

The Ministry of Information Technology, Government of India had also constituted a committee under Kris Gopalakrishnan in September 2019. The Kris Gopalakrishnan committee had made recommendations on the non-personal data governance in India and submitted its report I July 2020. The committee suggested for the creation of a separate authority and a separate legislation to oversee non-personal data and recommended to compulsorily share the non-personal data which does not comprise of the personally identifiable information.