Context
Recently, India Post Payments Bank (IPPB) has announced the launch of Fincluvation– a joint initiative to collaborate with the Fintech Startup community to co-create and innovate solutions for financial inclusion.
About Fincluvation
- Fincluvation is a joint initiative to collaborate with the Fintech Start-ups to develop innovative solutions for financial inclusion.
- The initiative was announced by the India Post Payments Bank (IPPB) on the occasion of the 75th anniversary of Indian Independence and the ongoing Azadi ka Amrit Mahotsav.
- The main objective of the ‘Fincluvation’ initiative is to create a powerful platform to mobilize start-ups toward building significant financial products to promote financial inclusion.
- Under the new initiative, Start-ups will be encouraged to develop solutions related to-
- Creditization: Develop Innovative and Inclusive credit products to target customers' needs and take them to their doorsteps through the Postal network.
- Digitization: Take steps to bring comfort to customers through the convergence of traditional services with Digital Payment Technologies such as making the traditional Money Order service an Interoperable Banking service.
- Any Market-led solutions that can promote ease of transaction and ease of living for customers.
- The intersection of technology with financial services will open a new set of business opportunities.
- Fincluvation will help to create a platform that can provide an opportunity for start-ups to work together with the Government.
- It will also help them in understanding the needs of the underserved customers and innovate products or services according to their needs.
- Fincluvation will help to create and deliver people-centric products or services that will promote a positive impact on their lives in a cost-effective manner.
About IPPB
- India Post Payments Bank (IPPB) has been established in 2018 by the government to build the most accessible, a?ordable, and trusted bank for the common man in India.
- IPPB functions under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India.
- However, IPPB will be governed by the Reserve Bank of India (RBI).
- India Post Payments Bank (IPPB) is mandated to remove barriers for the unbanked and under-banked and reach the last mile leveraging the postal network.
- IPPB’s reach and its operating model are built on enabling Paperless, Cashless and Presence-less banking. This is achieved in a simple and secure manner at the customers’ doorstep through a CBS-integrated smartphone and biometric device.
Other Initiatives for Financial Inclusion
- Pradhan Mantri Mudra Yojana
- Stand-Up India Scheme
- Pradhan Mantri Jeevan Jyoti Bima Yojana
- Pradhan Mantri Suraksha Bima Yojana
- Atal Pension Yojana
- Pradhan Mantri Jan Dhan Yojana
