UPSC Exam   »   India Post Payments Bank (IPPB)   »   IPPB Launches ‘Fincluvation’

IPPB Launches ‘Fincluvation’

 

IPPB UPSC: Relevance

  • GS 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

 

Fincluvation UPSC: Context

  • Recently, India Post Payments Bank (IPPB) has announced the launch of Fincluvation– a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.

आईपीपीबी ने ‘फिनक्लुवेशन’ का विमोचन किया

Fincluvation: Key points

  • India has made rapid strides in FINTECH space in Global Tech world leading innovations like UPI, Aadhaar.
  • Fincluvation is an Industry first initiative to create a powerful platform to mobilize the start-up community towards building meaningful financial products aimed at financial inclusion.

 

IPPB Launches 'Fincluvation'_40.1

 

What is Fincluvation?

  • Fincluvation or Innovation for Financial Inclusion is an initiative by Department of Posts and IPPB to invite Fintech startup community to co-create and innovate solutions for financial inclusion.
  • Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
  • Fincluvation invites startups to Participate, Ideate, Develop and Market intuitive and tailored products and services that can be taken to the customers.
  • Fincluvation will 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.
  • 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.

 

IPPB Launches 'Fincluvation'_50.1

 

What is Fintech?

  • FinTech is generally described as an industry that uses technology to make financial systems and the delivery of financial services more efficient.
  • FinTech is broadly used to describe emerging technological innovations in the financial services sector, with ever increasing reliance on information technology.
  • Read about Fintech industry in India.

 

About IPPB

  • About: India Post Payments Bank (IPPB) has been established by the government to build the most accessible, affordable, and trusted bank for the common man in India.
  • Parent Ministry: India Post Payments Bank (IPPB) functions under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India.
    • However, IPPB will be governed by the Reserve Bank of India (RBI).
  • Mandate: India Post Payments Bank (IPPB) is mandated to remove barriers for the unbanked and under-banked and reach the last mile leveraging the postal network.
  • Operating Model: 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.
  • Read more about IPPB here.

 

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