FINCLUVATION
- ECONOMY
NEWS:
‘Fincluvation’
to take solutions to doorsteps
What's
in the news?
●
The collaboration initiated by India Post
Payments Bank (IPPB) with startups in the financial technology sector is a
massive step towards creating financial inclusion, said its Managing Director
and Chief Executive Officer J Venkatramu.
Key
takeaways:
●
The joint initiative, Fincluvation, is a
powerful platform that will use the unparalleled reach of the Postal Department
to offer innovative solutions offered by startups at the doorsteps of the
public.
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 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.
●
Market
Led Solution - Any Market-led solutions that can help
solve any other problem relevant to IPPB and/or DoP in serving the target
customers.
India
Post Payments Bank (IPPB):
●
It was 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.