Oxigen Services, a non-Bank Payments solution provider, and Adarsh Credit Co-Operative Society, a credit co-operative society, have signed an agreement to deploy Micro-ATMs to Adarsh Credit’s advisors, for branchless banking and financial services.

Oxigen Services aims to appoint Adarsh Credit’s active base of 100,000 advisors across India as a business correspondent Agent of Oxigen to offer services such as paperless Bank Account opening through e-KYC, banking services such as AEPS cash-in/out, Cashless Bharat Bill Payment services, and recharges.

In a reciprocal effort, a selection of Oxigen’s retail network of 200,000 retail touch points will also become business correspondents of Adarsh Credit Co-operative society.

The Oxigen retailers, will have access to all products from Adarsh Credit Co-operative Society, like fixed Deposits (FD) and Recurring Deposits (RD), Share Capital, Loans and various other financial services for the company's use as well as for their customers.

Commenting on the tie-up, Pramod Saxena, CMD, Oxigen Services said: “This strategic partnership is a big step towards driving digital payments, through its single largest deployment of 100,000 Oxigen Micro ATMs within 1 year, to serve people in rural and sub-urban India. This association would benefit nearly 1.8 million Adarsh members, availing financial services and cashless payments.”

Rahul Modi, MD and CEO, Adarsh Credit Co-operative Society said: “This tie up will be a game changer in the financial landscape of rural India. With Oxigen’s Micro ATM, Adarsh Credit will reach it’s 2020 target of acquiring 100,000 new villages, that will become financially inclusive. Adarsh Credit will now be able to provide its advisors with Oxigen’s Micro ATM services, eKYC, virtual Rupay Card, AEPS, Value added services and more.”

Currently, Adarsh Credit Co-Operative Society,own a Core Banking Platform; License buy with SAP, and without being a bank, has 809 branches, 300,000 advisors (agents), of which 100,000 are active transacting advisors, servicing 18 lakh account holders as members. These members subscribe to shares of Adarsh and put deposits at attractive interest rates.