India Post Payments Bank (IPPB) launched ‘Fincluvation’– a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.
Indian Post Payments Bank
The bank also provides features like:
Benefits of the initiative
Need in India
The initiative will bring the convergence of traditional and technology together to make the post payments and banking easier for common man. India needs such an initiative for inclusive development and financial inclusion in the society. It will not only provide aid to people but will boost the economy as well. The process of ensuring access to appropriate financial products and services needed by individuals and businesses including vulnerable groups such as weaker sections and low-income groups at an affordable cost in a fair and transparent manner by mainstream institutional players should be the only purpose for the government while making such policies.
Practice Questions Q1. With its wide presence, India Post Payments Bank can help democratize banking services. Critically examine. Q2. Elaborate on the role of microfinance institutions in financial inclusion and inclusive development |
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