DLabs at the Indian School of Business (ISB) has announced the initiation of ‘Build for Billions’, a startup accelerator program centered around financial inclusion for the informal economy. This innovative program has been launched in partnership with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India.
Objectives of ‘Build for Billions’
- Financial Inclusion: The primary theme of ‘Build for Billions’ is to foster 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 who represent the informal economy.
- Addressing Challenges: These workers face multiple challenges such as low and volatile income, irregular income streams, limited access to credit and savings, and a lack of social security nets.
Program Structure and Support
- Program Duration: The accelerator is a 50-day, equity-free program.
- Comprehensive Support: It offers mentorship, capacity building, resources, networking opportunities, and the chance to pitch to banks and investors.
- Unique Piloting Opportunity: There is also a unique piloting opportunity with Union Bank for the participating startups.
- 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 poised to support visionary fintech startups dedicated to solving financial challenges faced by those in 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 significant segment of the workforce.
Important Questions Related to Exams
- What is the primary focus of the ‘Build for Billions’ startup accelerator program initiated by DLabs at the Indian School of Business (ISB)?
- Which organizations have partnered for the ‘Build for Billions’ program, aimed at fostering 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 offer 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?
Kindly share your responses in the comment section.