RBIH-IPPB collaboration for innovation

October 22, 2022

The Reserve Bank of India Hub (RBIH) and the India Post Payments Bank are collaborating to improve society’s access to financial solutions.

Key features

The RBIH and the IPPB are partnering to design, develop and execute innovative financial products and offerings to address the lack of access to essential financial services faced by businesses as well as the general population.
IPPB is to take an active part in RBIH’s projects of national importance. This collaboration would improve rural finance by leveraging the significant presence of IPPB – Department of Posts in the hinterlands.
On RBIH’s part, finance research and innovation would enable the general population to access financial services that are sustainable and secure.

RBIH

RBIH or Reserve Bank Innovation Hub is a Section 8 company under the 2013 Companies Act, set up in March 2022, with an initial capital of ₹100 crores. It is a wholly-owned subsidiary of the central bank. It has an independent board headed by Kris Gopalakrishnan. It also includes members from academia and industry. The key objective of the hub is to boost financial inclusion and financial innovation.

IPPB

The India Post Payments Bank is a payments bank set up under the Department of Post, Ministry of Communication, in September 2018. 100% of the IPPB equity is owned by the Indian government. This bank, functioning through a wide network of 160,000 post offices and 400,000 postal employees, seeks to boost financial inclusion. The IPPB offers banking services through both doorstep banking and mobile/internet banking. It delivers services through accessible interfaces available in 13 languages. Its functioning is based on the pillars of India Stack i.e. paper-less, cash-less and presence-less. Another notable IPPB initiative launched this year is ‘Fincluvation’ i.e. a joint initiative with the fintech startup sector to create innovative solutions towards financial inclusion.

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