India Post Payments Bank (IPPB) and Small Industries Development Bank of India (SIDBI) partnered to promote formal financial services to MSMEs with a special focus on enterprises in rural and remote areas.
Banking & Finance
The partnership aims to leverage SIDBI's loan and credit risk assessment models to enhance IPPB's rural reach and deeper engagement with village level communities and reach informal and micro enterprises in rural and remote areas, as permitted under existing regulations. They will jointly work to identify other areas of mutual interest and undertake various activities to support MSMEs and MSME ecosystem across the country with special focus on informal micro enterprises. With the signing of the MoU- Also announced was the organization of a hackathon involving the fintech community for innovation in financial services in rural areas as well as the organization of a Swavalamban Challenge Fund to promote rural livelihood enterprises.
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