ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
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.
