Manipal Business Solutions Private Limited (MBS), India’s leading fintech player in the BFSI space has been announced as one of the winners at the Swanari Techsprint 2022 organized by The Reserve Bank Innovation Hub (RBIH) on the 22nd of April 2022. MBS won the award in the Minimal Viable Product Track category by showcasing their proprietary technology solution that works to enable financial inclusion for women and facilitates financial & digital literacy.
As part of their winning award entry, MBS presented their ‘Savings Goal Tracking’ application in an integrated Android POS device. This solution strives to help self-help group (SHG) women members frequently save small amounts digitally with their individual Pradhan Mantri Jan Dhan Yojana (PMJDY)/Basic Savings Bank Deposit (BSBD) accounts. The unique proposition of the Manipal Business Solutions product was the use of behavioral-led design to motivate SHG to save, spread digital financial literacy and generate income for women making them Swanari.
Commenting on the award, Mr. Kamaljeet Rastogi, CEO, Manipal Business Solutions (MBS), said, “We are honored to be receiving the award from The Reserve Bank Innovation Hub. The award is a testament to our commitment towards aiding financial inclusion in the country and contributing towards promoting financial & digital literacy. MBS has been closely working with various government agencies and institutions for women’s empowerment by establishing convenient channels and financial services. Prestigious platforms like Swanari Techsprint 2022 allow the industry to bring forth innovative and impactful solutions and accelerate growth in the sector.”
The Reserve Bank Innovation Hub is a wholly owned subsidiary of The Reserve Bank of India (RBI) set up to promote and facilitate an environment that accelerates innovation across the financial sector. RBIH’s Swanari program intends to encourage partners in the financial services ecosystem to create and produce smart, creative, and sustainable solutions for the underserved, low-and middle-income (LMI) women and women-owned enterprises in India.
The participating companies were assessed based on their Innovation, Scalability, and Sustainability of the idea. Participants were put through a rigorous evaluation process inclusive of a demo presentation, discussions on the potential for scalability, and overall understanding and utilization of the product.