The Reserve Bank of India has appointed Rajesh Bansal, an expert in electronic cash transfers and digital financial services, as the Chief Executive Officer of the Reserve Bank Innovation Hub with effect from May 17, the regulator announced in a statement.
Bansal has over twenty five 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.
He was a member of the founding team of Aadhaar where he played a key role in designing India's Direct Benefits Transfer system and electronic KYC (eKYC). He has been a member of various committees of the RBI and the Government of India, the statement added.
Bansal, a Post Graduate from Duke University, USA, has been awarded the prestigious Golden Jubilee scholarship by the RBI.
Reserve Bank Innovation Hub (RBIH) has been set up to test potential new capabilities, opportunities in technology and leverage on the same to create viable products or services and enable their adoption for wider reach and greater impact across the country.
The Hub would develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups, according to RBI.
RBIH is managed by an independent board consisting of industry and academic stalwarts as its members.