India Post Payments bank, RBIH join hands for financial products

India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) have teamed up to enhance the reach of financial solutions to large sections of society across India and enable frictionless finance to a billion Indians, the Ministry of Communications said in a release on Wednesday.

RBIH, a wholly-owned subsidiary of the Reserve Bank of India (RBI) promotes and facilitates innovation across the financial sector, while IPPB, under the Department of Posts, intends to build an accessible, affordable and trusted bank for the common man in India.

The collaboration between IPPB and RBIH will explore projects which will have impact on the masses by leveraging the deep rural reach of IPPB-Department of Posts (DoP) to take rural finance to a billion Indians. Besides, it will enable access to sustainable and secure finance services to every segment of the society, through research and innovation.

Additionally, IPPB will be an active participant and partner with RBIH on initiatives of national importance led by RBIH.

Rajesh Bansal, CEO, RBIH, said: “Customer centricity is at the heart of everything we do at RBIH. India’s strong digital stack offers us the unique opportunity to bring everyone into the country’s financial ambit. I am excited about the possibilities our collaboration with IPPB can open, and the impact we can create for the citizens of India, together.”