India Post Payments Bank launches ‘Fincluvation’
Staff Reporter
Union Minister Ashwini Vaishnaw has said that India is one of the top three startup ecosystems in the world.
Speaking at launch of ‘Fincluvation- an industry-first platform to collaborate and build solutions for financial inclusion’ in New Delhi, Mr. Vaishnaw said that the country made rapid strides in FINTECH space in Global Tech world-leading innovations like UPI, and Aadhaar. He said that 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.
Highlighting Fincluvation’s ecosystem, Mr. Vaishnaw said that combination of India Post Payments Bank (IPPB) Banking stack, Department of Posts’ trustworthy doorstep service network, and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country. He said that Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
The minister said that his ministry will support startups that are working on financial inclusion by providing up to three crore rupees as financial support.
Interacting with startup representatives, Minister of state for communication Devusinh Chauhan has said that startups should transform and bring ease of living to the poorest section of the country through their innovation. He said, the government will provide every possible support to them.