India Post Payments Bank ‘Fincluvation’ to Encourage Start-ups

BANKING AND ECONOMY

A first-of-its-kind initiative - ‘Fincluvation’ was launched by the India Post Payments Bank (IPPB) to co-create and innovate solutions for financial inclusion. This joint initiative was launched as part of the Azadi ka Amrit Mahotsav to collaborate with the Fintech Start-up community.

The new initiative would create a powerful and permanent platform to mobilize the start-up community toward building meaningful financial products aimed at financial inclusion.

IPPB and the Department of Posts (DoP) collectively serve close to 430 million customers through neighborhood post offices. The combination of IPPB’s Banking stack, the DoP’s trustworthy doorstep service network, and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country.

The mentors with the 'Fincluvation' programme will work closely with start-ups in adapting the products to suit the customer needs and make them work for the go-to-market strategies and the operating models of IPPB and DOP.

Following are the benefits of the Fincluvation on start-ups;

  • To participate, ideate, develop and market intuitive and tailored products and services for the customers. 
  • To develop solutions relating to creditization, digitization & more.  
  • To develop technology-led financial solutions for India, as the traditional method
  • creates a gap between what the customer expects and the final service delivery.

IPPB, a 100% government-owned entity that functions under the Department of Posts (DoP), Ministry of Communications was formed on September 1, 2018, to build the most accessible, affordable, and trusted bank for the common man in India. 

   Important points for the exam:

  • As part of the Azadi ka Amrit Mahotsav, a joint initiative ‘Fincluvation’ was launched by the India Post Payments Bank (IPPB).
  • It is a powerful and permanent platform to collaborate with the Fintech Start-up community with an objective to provide an innovative solutions for financial inclusion.
  • Following are the benefits of the Fincluvation on start-ups;
    • To participate, ideate, develop and market intuitive and tailored products and services for the customers. 
    • To develop solutions relating to creditization, digitization & more.  
    • To develop technology-led financial solutions for India.

    Facts to know:

  • India Post Payments Bank (IPPB) was established in 2018.
  • Headquarters of IPPB: New Delhi.
  • CEO of IPPB: Mr.J.Venkatramu.
  • Union Minister of Communications: Mr.Ashwini Vaishnaw.
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