CURRENT AFFAIRS
CURRENT AFFAIRS
Description
DLabs at the Indian School of Business (ISB) has launched 'Build for Billions', a business accelerator program focused on financial inclusion for the informal economy. This innovative program was launched in collaboration with the Reserve Bank Innovation Hub (RBIH) and the Union Bank of India.
'Build For Billions' Objectives
Financial Inclusion The fundamental topic of 'Build for Billions' is to promote financial inclusion in the informal sector.
Target Demographic It strives to address the livelihood difficulties of gig workers, migrant workers, domestic workers, street sellers, carpenters, plumbers, electricians, and construction laborers who make up the informal economy.
Addressing obstacles These workers face various obstacles, including low and volatile income, irregular revenue streams, restricted access to credit and savings, and lack of social security nets.
Program Structure And Support
Program Duration The accelerator program lasts 50 days and is equity-free.
Comprehensive Support It provides mentorship, capacity building, resources, networking opportunities, and the opportunity to pitch banks and investors.
Unique Piloting Opportunity The participating firms will also have the opportunity to participate in a unique piloting program with Union Bank.
Vision and Commitment “Empowering the informal economy is our commitment for a future where everyone, regardless of their occupation, enjoys seamless access to financial services,” said Rajesh Bansal, CEO of the Reserve Bank Innovation Hub??.
Impact On The Informal Economy
Empowering the Unbanked The program is designed to help visionary fintech businesses focused on addressing financial difficulties encountered by persons in the informal sector.
The Innovation and Financial Services initiative intends to connect innovative financial services with the informal sector, improving financial stability and security for this important labor component.
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