Bank of Baroda and RBI's Innovation Hub Partner to Boost Financial Inclusion of Women Using Technology

RBIH launches Swanari TechSprint – a program aimed at developing digital solutions to bridge the gender gap

Recently, the RBI Innovation Hub (RBIH), a wholly owned subsidiary of the Reserve Bank of India, has signed an MoU with IIT Madras Incubation Cell (IITMIC) to develop a fintech ecosystem in India that is necessary to support and scale fintech startups in the early stages.

Now in a latest, Bank of Baroda, one of India’s leading public sector banks, announced today that it is partnering the Reserve Bank Innovation Hub (RBIH) to promote the financial inclusion of women in India. RBIH has launched a program on Gender & Finance named “Swanari“that seeks to combine technology with a greater focus on women to help women achieve financial security and independence. To that end, RBIH is launching the inaugural edition of Swanari TechSprintwhich Bank of Baroda is supporting as a scale-up partner, to create digital solutions to close the gender gap.

TechSprints are problem-solving sessions that promote innovation and collaboration to create technology-driven solutions to complex problems. The core objective of Swanari TechSprint is to improve the financial inclusion of women in India using technology and will serve as a platform to encourage women-led start-ups and women in tech to create and produce smart, creative and sustainable solutions for underserved women from low and middle income backgrounds and women-owned enterprises in India. The Swanari TechSprint will be held from April 18 to April 22, 2022.

Shri Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “Using technology to provide solutions to the country’s critical problems is a powerful idea. Bank of Baroda is proud to extend support to RBIH’s Swanari TechSprint initiative to help bridge the gender divide in India. A collaborative approach, centered on innovation, will ensure the best outcomes for women, accelerating financial inclusion and boosting the economic empowerment of women in the country. ”

The Swanari (स्व-नारी) TechSprint will bring together fintechs, financial service providers, innovators and subject matter experts to collaborate, ideate and find solutions to specific problems and code prototype solutions in real time.

There are seven problem statements that have been identified and two event tracks are available for participation. One track will focus on creating a minimum viable product (MVP) with enough usable features to be tested by and validated by users. The second track will focus on solving problems and designing prototypes in collaboration with others. Registrations are open at www.swanaritechsprint.in.

RBIH has also released a white paper titled “Gender and Finance in India” supporting the Swanari TechSprint, which is available at www.swanaritechsprint.in.

About Bank of Baroda:

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over 150 million through over 46,000 touchpoints spread across 18 countries in five continents. Through its state-of-the-art digital banking platforms, it provides all banking products and services in a seamless and hassle-free manner. The recently launched bob World mobile app provides customers with a saving, investing, borrowing and shopping experience, all under one single app. The app also serves non-customers by enabling account opening through video KYC. The Bank’s vision matches its diverse clientele base and instills a sense of trust and security. It is moving well in that direction and bob World is a testimony of its roadmap towards Digital Transformation.





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