Bharatiya Reserve Bank Note Mudran
Bharatiya Reserve Bank Note Mudran (BRBNM) was established by the Reserve Bank of India (RBI) on 3 February 1995. Its main purpose is to bridge the gap between the demand and supply of Indian rupee notes in the country. BRBNM plays a crucial role in maintaining the production and distribution of currency notes.
Deposit Insurance and Credit Guarantee Corporation
The Deposit Insurance and Credit Guarantee Corporation (DICGC) was established by the RBI to provide insurance for deposits and guarantee credit facilities to all Indian banks. DICGC ensures that bank depositors, including individuals and small businesses, have a level of financial protection in case a bank fails.
Reserve Bank of India Information Technology
The Reserve Bank of India Information Technology (ReBIT) has been set up by the RBI to cater to its information technology and cybersecurity needs. ReBIT focuses on enhancing the cyber resilience of the Indian banking industry and ensuring the secure and efficient functioning of RBI’s IT systems.
Indian Financial Technology and Allied Services
Indian Financial Technology and Allied Services (IFTAS) was established by the RBI in February 2015. Its mandate is to design, deploy, and support IT-related services for banks, financial institutions, and the RBI itself. IFTAS manages and operates the Financial Messaging Platform (SFMS), which includes Real-Time Gross Settlement and National Electronic Funds Transfer. It also oversees the Indian Financial NETwork (INFINET), Structured Financial Messaging System (SFMS), and the Indian Banking Community Cloud (IBCC).
Reserve Bank of India Innovation Hub
The Reserve Bank of India Innovation Hub (RBIH) was inaugurated by Shaktikanta Das, the Governor of RBI, on 24 March 2022 in Bengaluru. RBIH is a Section-8 company under the Companies Act, 2013, with an initial investment of ₹100 crore. Its purpose is to foster and promote sustainable financial innovation through an institutional setup. The RBIH aims to improve access to financial services and products for low-income groups in India and facilitate world-class innovation in the financial sector. It also serves as a platform for collaboration among stakeholders from the BFSI sector, startup ecosystem, regulators, and academia in the field of financial innovation. RBIH is currently working on the blueprint for the Digital Rupee, a digital currency for India.