Rajesh Bansal, CEO of RBIH said: “Customer focus is at the heart of everything we do at RBIH. India’s strong digital stack gives us a unique opportunity to bring anyone into the financial arena of the country. I am excited about the opportunities our collaboration with IPPB can open up and the impact we can create together for the citizens of India!”

Speaking of the partnership, J Venkatramu, MD and CEO of IPPB said, “Since its inception, IPPB has been committed to driving financial inclusion of low-income and underserved last-mile segments by leveraging the unparalleled network of post offices, and technology-driven banking solutions . Partnering with RBIH is a milestone in IPPB’s journey to leverage its digital platform and physical network to deliver comprehensive, customer-centric and convenient digital solutions to a billion Indians.”

The Ministry of Communications said India has experienced strong economic growth over the past thirty years. “In the past decade, the country has also witnessed rapid advancement and adoption of mobile technology with low data usage costs. However, there are still large sections of the population and micro and small businesses that have limited access to essential financial services and expertise. Universal access to finance is one of the crucial prerequisites for the inclusive development of society.”

To that end, IPPB and RBIH will plan, design and execute innovative products and offerings to fill the existing gap by bringing digitized services to customers’ doorsteps, the ministry added.