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Current Affairs 2023

Fincluvation - UPSC Current Affairs

Fincluvation initiative by India Post Payments Bank (IPPB) and Department of Posts (DoP) aims to provide affordable and customer-led financial products to underserved customers in India. The initiative invites innovative startups to develop technology-led solutions for financial inclusion and solve critical problems such as instant paperless micro-credit and integration of digital payments with money order services.

Apr 06, 2023

2 min read

Financial inclusion is the key to economic growth and development of any nation. However, in a country as vast and diverse as India, reaching the last mile has always been a challenge. Despite various initiatives by the government and financial institutions, a large section of the population remains underserved. This is where Fincluvation™, an innovative initiative by the Department of Posts (DoP) and India Post Payments Bank (IPPB), comes into play.


DoP and IPPB, collectively serving over 430 million Indians, have complementary strengths of a large and trusted PAN India last mile network of post offices and a robust technology platform for service delivery (Phygital Network). This unique combination can be strategically leveraged by other financial institutions and FinTechs through Fincluvation™. It aims to take intuitive and tailored financial products to the last mile in an affordable, convenient and customer-led manner.


The core objective of Fincluvation is to establish a universal layer by DOP-IPPB combined, wherein credit as a service forms a critical component apart from the penetration of digital payments in rural markets. Innovative startups were invited to participate in the 75th Anniversary of Indian Independence, “Azadi ka Amrit Mahotsav,” by developing and deploying solutions for financial inclusion. The initiative was open to startups who wish to build technology-led solutions and aspire to work for the 500 million underserved Indians.


Fincluvation focuses on bringing technological innovation in various tracks, including instant paperless micro-credit using alternate data sources and integration of digital payments with money order services of India Post. The platform is open to other relevant solutions that can solve the problems faced by the customers they cater to.


The initiative provides an enabling environment for startups to unlock their potential and revolutionize the country's retail payment systems and delivery channels. By participating in Fincluvation™, startups can make a significant impact on the country's economic growth and development.


The Fincluvation initiative is a game-changer for financial inclusion in India. By leveraging the strengths of DoP and IPPB, the initiative aims to provide tailored financial products to the last mile in an affordable, convenient and customer-led manner. It provides a unique opportunity for startups to bring change at the grassroots level, create scalable technology solutions, and solve the problems faced by the underserved population of India. With Fincluvation™, the future of financial inclusion in India looks bright.

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