DLabs at Indian School of Business (ISB) has announced the beginning of ‘Building for Billions’, A startup accelerator program focused on financial inclusion for the informal economy. This innovative program has been launched in partnership with Reserve Bank Innovation Hub (RBIH) and Union Bank of India.
Objective of ‘Building for Billions’
- Financial Inclusion: The primary theme of ‘Building for Billions’ is to promote financial inclusion within the informal economy.
- Target Demographic: It aims to address livelihood issues for gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians and construction laborers representing the informal economy.
- Solutions to Challenges: These workers face many challenges such as low and unstable income, irregular income streams, limited access to credit and savings and lack of social safety net.
Program Structure and Support
- Program Duration: The Accelerator is a 50-day, equity-free program.
- Comprehensive Support: It provides mentorship, capacity building, resources, networking opportunities and opportunities for banks and investors to grow.
- Unique Piloting Opportunity: There is also a unique piloting opportunity with Union Bank for participating startups.
- Vision and Commitment: “Empowering the informal economy is our commitment to a future where everyone, regardless of their occupation, will enjoy seamless access to financial services,” said Rajesh Bansal, CEO, Reserve Bank Innovation Hub.
Impact on informal economy
- Empowering the unbanked: The program is geared towards supporting visionary fintech startups dedicated to solving the financial challenges faced by the informal sector.
- Innovation and Financial Services: It aims to bridge the gap between innovative financial services and the needs of the informal economy, thus enhancing the financial stability and security of this important segment of the workforce.
Important questions related to exam
- What is the primary focus of the ‘Build for Billions’ startup accelerator program launched by DLabs at the Indian School of Business (ISB)?
- Which organizations have partnered for the ‘Build for Billions’ program aimed at promoting financial inclusion within the informal economy in India?
- What is the duration of the ‘Build for Billions’ accelerator program, and what comprehensive support does it provide to participating startups?
- What impact does the program aim to have on the informal economy, and how does it plan to empower the unbanked population?
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