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Economy
Mahesh

22/04/22 13:39 PM IST

‘Fincluvation’

In News 
  • On the occasion of the 75th anniversary of Indian Independence & ongoing Azadi ka Amrit Mahotasav, India Post Payments Bank (IPPB), a 100% government owned entity under Department of Posts (DoP) announced the launch of Fincluvation– a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.
Features 
  • Fincluvation is a step in this direction, an Industry first initiative to create a powerful platform to mobilize the start-up community towards building meaningful financial products aimed at financial inclusion.
  • Combination of IPPB’s Banking stack, DoP’s trustworthy doorstep service network and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country.
  • Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
  • Fincluvation will allow the start-ups to work with IPPB and DoP experts to develop solutions and conduct pilots using the postal network and IPPB’s technology stack. Successful pilots can then mature into long-term partnerships.
  • Through Fincluvation, we wanted to create a platform that can provide an opportunity for start-ups to work together with us in understanding the needs of the underserved customers to deliver products with a positive impact and more importantly in a cost effective manner.
Benefits
  • Fincluvation will engage startups to participate, ideate, develop and market intuitive and tailored products and services for the customers. It also encourages startups to develop solutions relating to creditization, digitization & more.
  • Further, fincluvation can help in meeting the varied and complex needs of the consumers through thoughtful, empathetic product design, and rapid prototyping among users. With Fincluvation would also help develop technology-led financial solutions for India.
  • Fincluvation will also allow the start-ups to work with IPPB and DoP experts to develop solutions and conduct pilots using the postal network and IPPB’s technology stack.
About India Post Payments Bank
  • India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Prime Minister Shri Narendra Modi on September 1, 2018.
  • The bank has been 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 leveraging a network comprising 160,000 post offices (145,000 in rural areas) and 400,000 postal employees.
Source-PIB 

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