Manipal Business Solutions Private Limited (MBS), India’s leading fintech player in the BFSI space, has been named one of the winners of the Swanari Techsprint 2022, which will be held on April 22nd, 2022 at The Reserve Bank Innovation Hub (RBIH). MBS won the award in the Minimal Viable Product Track category for showcasing their proprietary technology solution that enables financial inclusion for women and promotes financial and digital literacy.
MBS presented their ‘Savings Goal Tracking’ application in an integrated Android POS device as part of their winning award entry. This solution aims to assist women members of self-help groups (SHGs) in frequently saving small amounts digitally through their individual Pradhan Mantri Jan Dhan Yojana (PMJDY)/Basic Savings Bank Deposit (BSBD) accounts. The use of behavioral-led design to motivate SHG to save, spread digital financial literacy, and generate income for women, making them Swanari, was the product’s unique selling point.
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) that was established to promote and facilitate an environment that accelerates innovation in the financial sector. The Swanari program at RBIH aims to encourage partners in the financial services ecosystem to develop smart, creative, and long-term solutions for underserved, low- and middle-income (LMI) women and women-owned businesses in India.