India Post Payments Bank (IPPB), a 100% government-owned entity under the Department of Posts (DoP), has launched the Fincluvation project. Fincluvation is a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion. Speaking on the occasion of the launch, Ashwini Vaishnaw, Minister of Railways, Communications and Electronics & IT, said, the country made rapid strides in FINTECH space in Global Tech world-leading innovations like UPI, Aadhaar. 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. Successful pilots can then mature into long-term partnerships.
IPPB was set up 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) and 400,000 postal employees. IPPB’s reach and its operating model are built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking simply and securely at the customers’ doorstep, through a CBS-integrated smartphone and biometric device.
Devusinh Chauhan, Minister of State for Communications said IPPB and DoP collectively serve close to 430 million customers through the neighbourhood post office and at their doorsteps via more than 400,000 trusted and capable Post Office employees and Gramin Dak Sevaks – making it one of the largest and trusted postal networks in the world.
“With Fincluvation, we want to crowd-in the best minds to develop technology-led financial solutions for Bharat”, said Vineet Pandey, Secretary, Department of Posts & Chairperson, Postal Services Board.
