Start-ups will be encouraged to develop innovative solutions, the minister said
The Indian start-up ecosystem has gained global recognition and respect, Minister for IT and Communications Ashwini Vaishnaw said today, asking start-ups and entrepreneurs to come out with inclusive new-age solutions to transform the lives of poor and marginalised sections.
Terming start-ups as "accelerators", the minister said the combination of their multiplier force along with the strength of a trusted post office network can yield phenomenal results for financial inclusion goals.
"Understand the gravity of the convergence of humanity and technology...keep the bottom of the pyramid in mind for all programmes...The goal is to reach the last person in the society," the minister said, speaking at the launch of the 'Fincluvation' initiative.
India Post Payments Bank (IPPB), an entity under the Department of Posts (DoP), has launched Fincluvation. It is a joint initiative to collaborate with the fintech start-up community to co-create and innovate solutions for financial inclusion.
Under this, start-ups are being invited to participate, ideate, develop and market intuitive and tailored products and services that can be taken to the customers.
Start-ups will be encouraged to develop solutions aligned to tracks such as creditisation, digitisation, and any market-led solution that can help solve a problem relevant to IPPB or DoP in serving target customers.
"Today Indian start-up ecosystem is respected all over the world. We are today among the top three start-up ecosystems in the world," the minister said.
Collaboration with start-ups across multiple sectors has led to amazing results, he said.
"In each sector, where the government has partnered with start-ups, the results have been phenomenal and amazing," Mr Vaishnaw said.
Fincluvation, he noted, is aimed at creating a powerful platform to mobilise the start-up community towards building meaningful financial products aimed at financial inclusion. A 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, he said.