India Post Payments Bank launches ‘Fincluvation’

Tags: Economy/Finance

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.

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

• The country made rapid strides in the FINTECH space in Global Tech world leading innovations like UPI, Aadhaar.

• Fincluvation is Industry's first initiative to create a powerful platform to mobilise the start-up community towards building meaningful financial products which aim is financial inclusion. 

• Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.

• 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 Postal network.

• Digitization - Bring convenience through convergence of traditional services with Digital Payment Technologies such as making the traditional Money Order service as Interoperable Banking service.

• About India Post Payments Bank

–It has been established under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India. 

–IPPB was launched by the Prime Minister  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.

—IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India.