India Post Payments Bank launches ‘Fincluvation’

What is the News?

India Post Payments Bank(IPPB) has announced the launch of Fincluvation.

What is Fincluvation?

Fincluvation is a joint initiative to collaborate with the Fintech Startup community to co-create and innovate solutions for financial inclusion.

Launched by: India Post Payments Bank(IPPB) and Department of Post(DoP).

Tracks: Under the initiative, 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.

What is India Post Payments Bank(IPPB)?

Established in: 2018 under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India.

Purpose: The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.

Model: 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.

Source: This post is based on the article “India Post Payments Bank launches ‘Fincluvation’” published in PIB on 21st April 2022.