Kris Gopalakrishnan appointed the first Chairperson of Reserve Bank Innovation Hub

On November 17, 2020, Kris Gopalakrishnan, the former co-chairman and co-founder of Infosys was appointed as the first Chairperson of Reserve Bank Innovation Hub. He was appointed by the Reserve Bank of India. The Reserve Bank Innovation Hub aims to promote innovation across financial sector.

Reserve Bank Innovation Hub

The RBI set up the hub 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 and ideation of new capabilities that can be leveraged to create innovative financial services and products. The hub will aid in achieving the following objectives

• Efficient Banking services.
• Deepen Financial Inclusion.
• Strengthen consumer protection.
• Business Continuity in times of emergency.

Kris Gopalakrishnan

He is to lead a Governing Council that will have nine other members. The members are from IITs, IISc, National Payment Corporation of India, etc. The Governing Council is to operate the Reserve Bank Innovation Hub.

The GoI had earlier constituted a committee under Kris Gopalakrishnan to make recommendations about non-personal data governance in the country.

Kris Gopalakrishnan Committee

The Committee was formed by the Ministry of Information Technology in September 2019. It submitted a report on Non-Personal Data Governance Framework in July 2020.

Key findings and suggestions of the committee

• The committee suggested 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 are highly important to unlock innovation in the country.

What is Non-personal data?

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. However, the data is important to map consumer biases.

Month: Current Affairs - November, 2020