SIDBI, IPPB To Help Digitise Rural, Informal Micro Enterprises

New Delhi, Oct 12 (KNN) Small Industries Development Bank of India (SIDB) and the Indian Post Payments Bank (IPPB) have partnered to connect the informal rural microenterprises with the formal financial sector to help them digitise their business activities, and access formal credit. 

According to the release, SIDBI will take the benefit of the vast rural network of IPPB to reach out to the roots of the Indian villages.

IPPB will support SIDBI’s customers to adopt digitisation through its merchant onboarding systems and help provide UPI and QR-based solutions, etc.

Furthermore, upskilling the Dak Sevaks in supporting credit facilities to micro-enterprises will also be undertaken by the partnership. 

The announcement of a hackathon for Fintechs will be organised under the partnership for innovation in the financial services in rural areas to promote rural livelihood. 

Sivasubramanian Ramann, said, “We look forward to a fruitful and meaningful partnership with IPPB which can make a positive impact on millions of informal rural enterprises in the country by improving their access to financial services and financial literacy.”

Launched in 2018, Indian Post Payments Bank is a fully-owned Indian government entity. The bank leverages the India Post network of 1,55,000 Post offices, of which 1,35,000 are situated in rural areas, along with 3,00,000 postal employees, to reach the last mile and connect rural India with banking services.  (KNN Bureau)