India Post Payments Bank (IPPB) & Reserve Bank Innovation Hub (RBIH) Collaborate for innovations in Financial Product & Services

India Post Payments Bank (IPPB) & Reserve Bank Innovation Hub (RBIH) Collaborate for innovations in Financial Product & Services: India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) have joined forces to concentrate their efforts on expanding the accessibility of financial solutions to significant portions of society throughout India and allowing frictionless financing for a billion Indians.

What is the significance of this collaboration?

• The collaboration with RBIH marks an important step in IPPB’s mission to use its digital platform and physical network to provide comprehensive, customer-centric, and convenient digital solutions to a billion Indians.
• The IPPB and RBIH partnership will look into projects that will influence the general public by using the IPPB-Department of Posts rural reach to bring Rural Finance to a billion Indians.
• Through research and innovation, it will enable access to sustainable and safe financial services for all societal segments.

What is Reserve Bank Innovation Hub (RBIH)?

The Reserve Bank Innovation Hub (RBIH) was established as a fully-owned subsidiary of the Reserve Bank of India (RBI) with the goal of fostering and facilitating an environment that promotes innovation throughout the financial industry. In order to solve urgent issues in the Indian financial sector, RBIH offers a forum for all players in the financial ecosystem to anchor a common vision and work together to develop forward-looking innovation initiatives. For a network of financial service providers, fintech innovation centres, policymakers, technologists, academics, and the investor community, the organisation acts as a focal point for positioning India as a global innovation hub. Over a billion Indians will have access to sustainable, safe, and frictionless financial services because of this network, which will be given the power to innovate and incubate new skills.

What is India Post Payments Bank (IPPB)?

• With 100% of the company’s equity owned by the Indian government, the India Post Payments Bank (IPPB) was established under the Department of Posts and Ministry of Communication.
• On September 1st, 2018, Honorable Prime Minister Shri Narendra Modi announced the launch of IPPB. The goal of the bank’s establishment was to create India’s most approachable, reasonably priced, and reliable bank for the average person.
• The key pillars of India Stack, which enable Paperless, Cashless, and Presence-less banking in an easy and secure manner at the clients’ doorstep using a CBS-integrated smartphone and biometric device, form the foundation of IPPB’s reach and operational model.
• IPPB offers straightforward and economical banking solutions through user-friendly interfaces that are available in 13 different languages. IPPB is committed to advancing the goal of a digital India and giving a boost to a less cash-based economy.
• It’s motto is “Every customer is important; every transaction is significant, and every deposit is valuable.”