India Post Payments Bank (IPPB), a 100% government owned entity under Department of Posts (DoP) announced the launch of Fincluvation– a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.
What is ‘Fincluvation’?
- Fincluvation is an Industry first initiative to create a powerful platform to mobilise the start-up community towards building meaningful financial products aimed at financial inclusion.
- Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
About India Post Payments Bank –
- India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Prime Minister in September 1, 2018.
- As mandated by the RBI, the India Post Payments Bank (IPPB) focuses upon providing basic financial services such as all kinds of payments; including social security payments, utility bill payments, person to person remittances (both domestic and cross-border), current and savings accounts up to a balance of Rs 1 lac, distribution of insurance, mutual funds, pension products and acting as business correspondent to other banks for credit products especially in rural areas and among the underserved segments of the society.
- All 1.55 lacs post offices including the 1.39 lac of the rural post offices will be mapped to the IPPB branch at the district headquarter and function as access points for IPPB.
- IPPB will usher in state of the art internet and mobile banking platforms, digital wallets and use innovative and emerging technologies to catalyse the shift from a cash dominant to a less cash economy.
- The USP of IPPB will be its ability to ease access and handhold the adoption of new age banking and payments instruments among citizen of all walks of life through the delivery by postmen and Grameen Dak sevaks, savings agents and other franchisees who will take banking to door steps.
- IPPB thus aspires to the most accessible, affordable and trusted bank for the common man with the motto – “No customer is too small, no transaction too insignificant, and no deposit too little”.