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22nd April 2022 (7 Topics)

India Post Payments Bank launches ‘Fincluvation’


India Post Payments Bank recently launched Fincluvation, a platform to promote innovative solutions in collaboration with fintech startups to accelerate financial inclusion among the underserved and unserved population.


What is Fincluvation?

  • The first-of-its-kind industry initiative, Fincluvation would create a powerful platform to mobilize the start-up community towards building meaningful financial products aimed at financial inclusion.
  • The country has made rapid strides in FINTECH space in Global Tech world leading innovations like UPI, Aadhaar. 
    • The 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.
  • 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.
  • Further, it is one of the largest and trusted postal networks in the world with over 400,000 post office employees and Gramin Dak Sevaks. 
  • India Post will invite startups to co-create solutions on the platform. The government will offer up to ?3 crore to support the entire journey from the proof-of-concept stage to the final product.
  • 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 engage startups to participate, ideate, develop and market intuitive and tailored products and services for the customers.
    • It also encourages startups to develop solutions relating to creditization, digitization & more.  
  • Further, fincluvation can help in meeting the varied and complex needs of the consumers through thoughtful, empathetic product design, and rapid prototyping among users.
    • With Fincluvation would also help develop technology-led financial solutions for India. 
  • Fincluvation will also 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. 
  • Fincluvation mentors will work closely with startups to tweak products to customer needs and align the go-to-market strategies with operating models of India Post.
  • Startups will also be able to use the physical infrastructure that the department of posts has across the country.

India Post Payments Bank (IPPB)

  • India Post Payments Bank (IPPB) was launched on September 1, 2018 under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
  • The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. 
  • The fundamental mandate of IPPB is 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 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.
  • Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.
  • IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India.
  • India will prosper when every citizen will have equal opportunity to become financially secure and empowered. 

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