ISB's DLabs, RBI Innovation Hub & Union Bank Launch 'Build for Billions' Programme
DLabs at the Indian School of Business (ISB) has introduced 'Build for Billions,' a startup accelerator programme centered around financial inclusion for the informal economy, in collaboration with Reserve Bank Innovation Hub (RBIH) and Union Bank of India. The program is designed to support visionary fintech startups addressing the challenges faced by gig workers, migrant workers, domestic workers and other segments of the informal economy.
The 50-day equity-free accelerator, led by DLabs, offers comprehensive support, including mentorship, capacity building, resources, networking opportunities, the chance to pitch to banks and investors, and a unique piloting opportunity with Union Bank.
Rajesh Bansal, CEO of Reserve Bank Innovation Hub, expressed excitement about the partnership with DLabs and Union Bank for 'Build for Billions,' highlighting its potential to bring forth solutions contributing to a more inclusive and robust financial ecosystem. He emphasised the importance of empowering the informal economy for a future where seamless access to financial services is available to everyone.
Bhagwan Chowdhry, Faculty Director of I-Venture@ISB, under which DLabs operates, emphasized the significance of building and supporting financial infrastructure for a skilled labor force, considering it as a top priority for the development of a robust economy.
Nitesh Ranjan, Executive Director of Union Bank of India, stated that the collaboration with DLabs and RBIH aims to find innovative solutions for formalising the informal workforce. The initiative is open for startups working towards improving access, usage and quality of financial services for the informal economy, including payments, credit, and savings.
The application deadline for the programme is 21 January 2024. After the submission period, selected startups will undergo evaluation, with tailored goals set for each. The RBIH, a subsidiary of the Reserve Bank of India, focuses on promoting innovation in the financial sector, while DLabs specialises in incubating, accelerating and funding startups at ISB.
