India Post Payments Bank launches ‘Fincluvation’
Part of: Prelims and GS-III: Indian economy
Context: India Post Payments Bank (IPPB), a 100% government-owned entity under the Department of Posts (DoP) announced the launch of Fincluvation– a joint initiative to collaborate with the Fintech Startup community to co-create and innovate solutions for financial inclusion.
- Startups are encouraged to develop solutions aligned with any of the following tracks-
- Creditization – Develop Innovative & Inclusive credit products aligned with the use cases of target customers and take them to their doorsteps through the Postal network.
- Digitization – Bring convenience 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 help solve any other problem relevant to IPPB and/or DoP in serving the target customers
The intersection of technology with financial services coupled with traditional distribution networks is opening up a new set of business opportunities.
About India Post Payments Bank
- Established under the Department of Posts, Ministry of Communication
- Set up with the vision to build the most accessible, affordable, and trusted bank for the common man in India.
- The fundamental mandate of IPPB is to remove barriers for the unbanked and under-banked and reach the last mile by leveraging a network comprising 160,000 post offices (145,000 in rural areas) and 400,000 postal employees.