rbih: India Post Payments Bank, RBIH join hands for financial product, services

India Post Payments Bank and Reserve Bank Innovation Hub joined hands to to focus their efforts on enhancing the reach of financial solutions to large sections of society across India and enabling frictionless finance to a billion Indians, an official statement said on Wednesday. Under the arrangement India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) will plan, design and execute innovative products and offerings to bridge the existing gap by bringing digitalised services at the customer’s doorstep.

“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,” RBIH CEO Rajesh Bansal said.

The collaboration between IPPB and RBIH will explore projects which shall 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.

Both entities will jointly work to enabling access to sustainable and secure finance services to every segment of the society, through research and innovation.

“The partnership with RBIH is a milestone in IPPB’s journey to leverage its digital platform and physical network for providing comprehensive, customer-centric, and convenient digital solutions to a billion Indians,” IPPB MD and CEO J Venkatramu said.

Additionally, IPPB shall be an active participant and partner with RBIH on initiatives of national importance led by RBIH, the statement said.