Fino’s BC Sakhis extend reach and encourage banking adoption in rural UP

TIL Desk Lucknow/ To commemorate the first anniversary of the Business Correspondent (BC) Sakhi project, Fino Payments Bank felicitated 34 BC Sakhis or women banking agents for providing exceptional banking services in the villages of Uttar Pradesh (UP).

It may be noted that during lockdown, along with Fino’s over 50,000 merchant points in the state, Micro ATM enabled BC Sakhis provided banking services closer to the customer doorsteps in rural areas. Such convenient access to cash in the neighbourhood was the need of the hour, especially for the elderly and beneficiaries of various direct benefit transfer (DBT) schemes such as MGNREGA, PM Kisan Yojana etc.

The felicitation event was graced by Shri Manoj Kumar Singh, Additional Chief Secretary, Department of Rural Development,Govt. of UP and Shri Bhanu Goswami, Mission Director, UPState Rural Livelihood Mission (UPSRLM). Fino Payments Bank officials Major Ashish Ahuja, COO and Shri Amit Kumar Jain, Head (Alliances & PMO) were also present.

Major Ashish Ahuja, COO, Fino Payments Bank said, “Our strength is the pan India distribution network of over 8.6 lakh points through which we offer customers access to a range of banking services. BC Sakhis complement the efforts of our vast network by improving reach and increasing banking adoption in rural UP. Going forward, as we introduce more products and services, the Micro ATM enabled BC Sakhis will have a critical role in acquiring new customers, facilitating transactions and cross selling products, thereby increasing their earning.”

As one of the banking partners of UPSRLM for the BC Sakhi Project, Fino has already on boarded over 4700 women out of the mandated 10,000 from Self Help Groups (SHG) across 11 districts.

Amit Kumar Jain, EVP and Head (Alliances & PMO), Fino Payments Bank said, “Under the UPSRLM project we empowered women and created employment opportunities. In the 4700 gram panchayats the on boarded Sakhis are facilitating transactions worth around Rs 50 crore every month, which is encouraging. Soon, we will add another 5000 Sakhis to further enable financial inclusion by taking digital banking closer more people across UP.”

In addition to availing regular banking services like withdrawal, deposit and money transfer, customers can also buy health, life and vehicle insurance at Fino points, including at BC Sakhis. Customers can also pay utility bills, insurance premium and loan EMI at these points.

Recently, Fino’s name has been included in UP’s MGNREGA bank list to receive payments. The beneficiaries can now open Fino bank account to receive their funds, which they can withdraw at the BC Sakhi or Fino point itself.

Fino is geared up to launch new products following approval from the RBI. The bank will soon introduce international remittance, Fixed Deposit and Recurring Deposit with partners. Customers will be able to access these services at the neighbourhood Fino point or BC Sakhi.