Bank of Baroda, RBI’s innovation hub to drive financial inclusion for millions of women entrepreneurs, others
Credit and finance for MSMEs: Bank of Baroda said the program will bring together fintechs, financial service providers, innovators and subject matter experts to code prototype solutions to identified problems in real time.
Credit and financing for MSMEs: Public sector lender Bank of Baroda announced on Wednesday that it has partnered with the Reserve Bank of India’s (RBI) wholly-owned subsidiary, Reserve Bank Innovation Hub (RBIH), to promote women’s financial inclusion. thanks to technology. Bank of Baroda said it would be the “scaling partner” for RBIH’s inaugural edition of its Swanari TechSprint program, which would focus on developing digital solutions to help women achieve safety and security. financial independence.
According to a white paper published by RBIH on the scheme, with the right mix of support from RBI and public or private sector service providers, the scheme has the potential to impact the lives of over 331 million people. adult women, including 13 million women. led businesses and 7.45 million self-help groups in several thematic areas. These included improving access, uptake and use of digital financial services among lower middle income women; improve the readiness of service providers to offer relevant financial products; and strengthening entrepreneurship and better support mechanisms for women’s enterprises.
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Bank of Baroda said TechSprints will host problem-solving sessions to promote innovation and collaboration to create technology solutions to complex problems. The program will run from April 18 to April 22, 2022. “A collaborative, innovation-focused approach will ensure the best outcomes for women, accelerating financial inclusion and strengthening women’s economic empowerment in the country,” said Vikramaditya Singh Khichi, Executive Director, Bank of Baroda.
The public lender added that the program will bring together fintechs, financial service providers, innovators and subject matter experts to code prototype solutions to identified problems in real time. “There are seven problem statements that have been identified and two event tracks are available for participation,” he added. One track will focus on creating a minimum viable product (MVP) with usable features to be tested and validated by users. The second track will focus on problem solving and prototype design.
The financing gap for the 15 million women-owned MSMEs, who make up about 20% of the 63 million MSMEs in India, stands at $158 billion, with 90% of these female entrepreneurs relying on informal sources of finance, Qamar Saleem, Regional Director Asia and Pacific, Financial Institutions Group, IFC had said at the Sankalp Virtual Global Summit in October last year.