New Delhi, Nov 18 : The RBI has appointed Kris Gopalakrishnan, the former co-chairman and co-founder of Infosys, as the first Chairperson of Reserve Bank Innovation Hub. The Reserve Bank Innovation Hub aims to promote innovation across financial sector.

 

Kris Gopalakrishnan will be leading a Governing Council that will have nine other members. The members are from IITs, IISc, National Payment Corporation of India, and others. The Governing Council will operate the Reserve Bank Innovation Hub. The Union Govt had earlier constituted a committee under Kris Gopalakrishnan to make recommendations about non-personal data governance in the country.

 

The Kris Gopalakrishnan Committee was formed by the Ministry of Information Technology in September 2019. The Committee submitted a report on Non-Personal Data Governance Framework in July 2020, whereby it suggested for a separate authority and a separate legislation to oversee non-personal data in the country.

 

It also recommended compulsory sharing of non-personal data. The committee classified the non-personal data into three main categories namely community non-personal data, public non-personal data and private non-personal data.

 

The non-personal data is highly important to unlock innovation in the country. It is a set of data that does not contain personally identifiable information. In other words, an individual cannot be identified looking at such data, whereas, it is important to recognize and map consumer biases.

 

The RBI has set up the Innovation hub in order to promote, support and hand-hold cross thinking. The hub will aim to increase the use of innovative technologies across the finance sectors. The hub acts as a centre for incubation of new capabilities that can be leveraged to create innovative financial services and products.