RBIH Partners with IIMA Ventures to Empower Women through Financial Innovation in India

The Reserve Bank Innovation Hub (RBIH), the innovation arm of the Reserve Bank of India (RBI), has announced a partnership with IIMA Ventures, the startup incubator of IIM Ahmedabad, to launch the latest cohort of its Swanari TechSprint 3.0 program. The initiative aims to support fintech startups in developing solutions that address the financial needs of women in India and drive financial inclusion for this under-represented group.

The Swanari TechSprint 3.0 program will provide mentorship, grants, and other funding resources to help startups conceptualise, develop, and scale their products. The focus is on creating gender-inclusive financial solutions that cater to women’s unique needs.

Aakarsh Naidu, Head of Fintech & Startups at RBIH, emphasised the importance of financial inclusion, stating, “Financial inclusion is a fundamental pillar of India’s Growth Story, and Swanari TechSprint serves as a platform to identify and support innovators dedicated to addressing the unique financial needs of women.”

The Swanari program was specifically created to increase access to finance for women, aiming to impact over 556 million women aged 15 to 64, according to World Bank data. Key focus areas include self-help groups, women-owned MSMEs, and women street vendors.

The program is currently inviting applications from startups that are working on gender-inclusive financial solutions, especially those with a minimum viable product (MVP) and a proven track record of pre-seed to pre-Series A funding or early revenue traction.

Supriya Sharma, Partner at IIMA Ventures, highlighted the persistent barriers women face in accessing financial services, despite progress in financial inclusion. "Women in India face persistent hurdles in accessing financial services tailored to their needs," she said. "The Swanari TechSprint is a call to action for fintech innovators to address these gaps, whether it is inactive bank accounts, limited savings options, or the challenges women entrepreneurs face in securing credit."

Previous winners of the Swanari program include notable fintech startups such as Kaleidofin, Merakal, Vitto, Anniyam Payment, MaksPay, Manipal Business Solutions, Sampatti Card, Haqdarshak, and Agripal.

The Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India, focuses on leveraging technology and innovation to facilitate easier access to finance for the people of India.