Fino Paytech to help Nabard digitise rural banks across 5 states
Payments technology company and soon-to-be-launched payments bank Fino Paytech has tied up with NABARD to facilitate the rural bank digitization drive in the states of Haryana, MP, Bihar, Gujarat and Maharashtra. Fino will provide over 5000 Aadhaar enabled micro ATMs and financial inclusion gateway services to district central cooperative (DCC) banks and Primary Agricultural Credit Societies (PACS) across these states.
“Our endeavor is to use technology to improve banking reach as well as customer convenience. We will deploy Aadhaar enabled micro ATMs across all the 600 branches of the 20 district cooperative central banks in Haryana, including HARCO. We will also digitize 711 Primary Agricultural Credit Societies associated with the banks to facilitate banking access in villages. Through this initiative we expect to increase our reach in remote villages and double our customer base from the current 3 million in the next 12 to 18 months,” said Satbir Sharma, Managing Director, Haryana State Cooperative Apex Bank.
Payments Banks are planning to utilise the large nation-wide UID (Aadhaar) coverage, to help rural masses with Aadhaar enabled micro ATMs as they facilitate eKYC, paperless and instant banking. Customer authentication and verification through eKYC helps in faster opening of bank accounts and enabling cashless transactions either by using RuPay cards or Aadhar Enabled Payments System (AEPS).
“With over 90% of the population having Aadhaar, the way forward for rural banking is to adopt this unique number to identify customers and facilitate transactions. Our integrated offerings on the Aadhaar enabled micro ATMs reduces cost of banking service delivery and at the same time makes banking a lot simpler for customers. In this context, we are pleased to be part of the national initiative to digitize rural banking and partner with apex banks of Haryana and other states,” said Rajeev Arora, COO, Fino Paytech.
Arora said that the scope for digitization of rural banking is immense in these 5 states. Collectively there are around 150 DCC banks and a multitude of PACS associated with them. At a conservative estimate close to 100,000 Aadhaar enabled micro ATMs would be required that would transform the way rural India does banking.
“Our endeavor is to use technology to improve banking reach as well as customer convenience. We will deploy Aadhaar enabled micro ATMs across all the 600 branches of the 20 district cooperative central banks in Haryana, including HARCO. We will also digitize 711 Primary Agricultural Credit Societies associated with the banks to facilitate banking access in villages. Through this initiative we expect to increase our reach in remote villages and double our customer base from the current 3 million in the next 12 to 18 months,” said Satbir Sharma, Managing Director, Haryana State Cooperative Apex Bank.
Payments Banks are planning to utilise the large nation-wide UID (Aadhaar) coverage, to help rural masses with Aadhaar enabled micro ATMs as they facilitate eKYC, paperless and instant banking. Customer authentication and verification through eKYC helps in faster opening of bank accounts and enabling cashless transactions either by using RuPay cards or Aadhar Enabled Payments System (AEPS).
“With over 90% of the population having Aadhaar, the way forward for rural banking is to adopt this unique number to identify customers and facilitate transactions. Our integrated offerings on the Aadhaar enabled micro ATMs reduces cost of banking service delivery and at the same time makes banking a lot simpler for customers. In this context, we are pleased to be part of the national initiative to digitize rural banking and partner with apex banks of Haryana and other states,” said Rajeev Arora, COO, Fino Paytech.
Arora said that the scope for digitization of rural banking is immense in these 5 states. Collectively there are around 150 DCC banks and a multitude of PACS associated with them. At a conservative estimate close to 100,000 Aadhaar enabled micro ATMs would be required that would transform the way rural India does banking.
