India Post Payments Bank launches ‘Fincluvation’
What is the news:
- On the occasion of the 75thanniversary of Indian Independence & ongoing Azadi ka Amrit Mahotasav, 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.
- Speaking on the occasion of the launch, Shri 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 is a step in this direction, an Industry first initiative to create a powerful platform to mobilize the start-up community towards building meaningful financial products aimed at financial inclusion.
- Combination of IPPB’s Banking stack, DoP’s trustworthy doorstep service network and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country.
About Fincluvation:
- Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
- IPPB and DoP collectively serve close to 430 million customers through 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.
- Fincluvation 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
- 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. “Through Fincluvation, we wanted to create a platform that can provide an opportunity for start-ups to work together with us in understanding the needs of the underserved customers to deliver products with a positive impact and more importantly in a cost effective manner
- Fincluvation mentors will work closely with the startups to tweak products to the customer needs and align the go-to-market strategies with operating models of IPPB and DoP.
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 Shri Narendra Modi on September 1, 2018.
- MD and CEO – J. Venkatramu
India Post Payments Bank partners HDFC Bank for banking products, services in semi-urban and rural areas
- India Post Payments Bank (IPPB) has tied up with HDFC Limited, India’s premier housing finance company, to offer home loans to nearly 4.7 crore customers of IPPB.
- Leveraging its countrywide network of 650 branches and over 136,000 banking access points (post offices), IPPB aims to make HDFC’s home loan products and its expertise available to its customers across India. According to the HDFC, “The partnership aims to facilitate HDFC Ltd’s home loans to customers, especially in unbanked and underserved areas with many of them having little or no access to finance, to fulfil their dream of owning a home.”
- IPPB will offer housing loans through nearly 190,000 banking service providers (postmen and gramin dak sevaks).
India Post Payments Bank and Bajaj Allianz Life Insurance tie up to offer term and annuity products
- India Post Payments Bank (IPPB), Department of Posts, and Bajaj Allianz Life Insurance Company (BALIC) today announced a strategic alliance to offer term and annuity products to customers through the Bank’s extensive network of 650 branches and over 1,36,000 banking access points.
- The tie-up will help customers, particularly from weaker sections and living in unbanked and underserved areas, to become financially secure and empowered, and is in line with IPPB’s objective of offering value added products and services to its customers, said the Ministry of Communications.
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