Fincluvation

In news– On the occasion of the 75th anniversary of Indian Independence, India Post Payments Bank has launched ‘Fincluvation.

About Fincluvation-

It is a joint initiative to collaborate with the Fintech Startup community to co-create and innovate solutions for financial inclusion.
The first-of-its-kind industry initiative, Fincluvation would create a powerful platform to mobilize the start-up community towards building meaningful financial products aimed at financial inclusion.
It will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
It will engage startups to participate, ideate, develop and market intuitive and tailored products and services for the customers.
It invites startups to Participate, Ideate, Develop and Market intuitive and tailored products and services that can be taken to the customers.
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.
Any Market-led solutions that can help solve any other problem relevant to IPPB and/or DoP in serving the target customers.

It can help in meeting the varied and complex needs of the consumers through thoughtful, empathetic product design, and rapid prototyping among users.
It 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.

India Post Payments Bank (IPPB)-

It was launched on September 1, 2018 under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India.
The bank was 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).
Further, it is one of the largest and trusted postal networks in the world with over 400,000 post office employees and Gramin Dak Sevaks.
IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device.
Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.