Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Industry News

| More

Fino Payments Bank to on board 10000 women from SHGs as banking agents in Uttar Pradesh

Posted On: 2021-02-19 04:43:52 (Time Zone: Arizona, USA)

Fino Payments Bank is working with the Uttar Pradesh State Rural Livelihood Mission (UPSRLM) to train and on-board 10000 women from Self Help Groups (SHG) as BC Sakhis in the state. The agreement in this regard was signed today at an event organised by the UP Government in the presence of the state's Honourable Chief Minister Yogi Adityanath.

The project, implemented over the next three months, is part of UPSRLM's mission to on-board around 58,000 women as BC (business correspondent) Sakhis or banking agents across all the 75 districts of the state. Fino is one of banking partners and facilitators engaged for the project to appoint BC Sakhis. The project is aimed at improving banking access in rural UP and enhancing the household income of the SHG members.

"The project is a significant step towards financial independence of SHG members," said Ashish Ahuja, Chief Operating Officer, Fino Payments Bank. "It is an opportunity for women in rural areas to showcase their entrepreneurial spirit and improve income. As banking agents in the villages they play a critical role in helping people adopt banking services. We are pleased to work with UP SRLM in improving banking access by providing opportunities to SHG members as BC Sakhis."

"Fino has been earmarked with this opportunity basis its 15 years' experience in enabling financial inclusion in rural India. Initially as the largest corporate BC in the country and now as a Payments Bank, Fino brought millions of people into the formal banking fold. Our network of more than 5.5 lakh merchants across the country is our strength and the mandate from UPSRLM will help us further strengthen it," saidAmit Kumar Jain, EVP & Head-Alliances, Fino Payments Bank.

The 10,000 BC Sakhis are in addition to the already existing over 50,000 Fino merchants in Uttar Pradesh. "We are happy to be part ofthis project along with the state government that allows us to work towards women empowerment and create employment opportunities in these difficult times. We are confident this leads to Atmanirbhar Bharat from the village-up level," added Mr. Jain.

Support to BC Sakhis:

Fino Payments Bank in association with UPSRLM will train BC Sakhis and provide them with training tool-kit for which the activity has already commenced across districts. Post the training and on-boarding, UPSRLM will facilitate loans for the BC Sakhis for device purchase and working capital through the SHG.

As part of the broader National Rural Livelihood Mission (NRLM) initiative, each BC Sakhi will also receive financial support for the first six months, a total of Rs 24000to help her in the initial phase. The BC Sakhi will be equipped with an integrated POS device, cash box and fake currency identifier that allow her to provide all basic banking services, except credit. Further, to encourage safe transactions in the current COVID scenario, a contactless IRIS scanner for customer authentication will also be provided.

In addition to the UPSRLM project, Fino Payments Bank under the aegis of NRLM is also working with Bihar SRLM to provide livelihood to women associated with the state's Jeevika project.

It may be noted that Fino Payments Bank's technology enabled alternate merchant channel is fast emerging as a preferred go to point for banking in rural areas. The need for banking points closer to home or workplace has opened opportunities for small merchants such as kirana and mobile shops.

This became more evident during the pandemic when the bank provided livelihood or income enhancing opportunity to more than 1.2 lakh people from the rural hinterlands across the country. In Uttar Pradesh alone, more than 25000 youth became Fino banking points that helped bring banking closer to the homes of people.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Yamuna International Airport's proposed term loans rated at 'Provisional IND A-'/Stable by India Ratings

MoU Signing for the Integrated Steel Complex by ArcelorMittal Nippon Steel India at Kendrapara held

SVC Bank bags 'Best Co-op Bank in India 2020' Award at World Leadership Awards

To cash in on retail rush, brokerages shower freebies on investors

SIDBI and NSE joins hands for co-operation in various MSME related initiatives

Honda posts robust 31% growth with 4 lac+ domestic sales in Feb'21

Hyundai Motor India registers cumulative sales of 61,800 Units in Feb'21

SIDBI joins hands with Government of Andhra Pradesh for the Development of MSME ecosystem in the State

Bauxite Average Sale Price (ASP) needs correction for Indian Aluminium to be competitive

Fino Payments Bank is now a scheduled bank

UST Acquires ServiceNow Business from abhra, Inc.

First batch of Sputnik V vaccine delivered to Mexico

Liberty General Insurance Rolls Out AI-based Automated Car Inspections

Ageas Federal Life Insurance launches its Life Advantage Plus Plan

Star Health Insurance partners with PhonePe to offer Digital Health Insurance

Universal Sompo General Insurance Company Limited ties up with Saptagiri Grameena Bank

SIDBI partners with Confederation of Women Entrepreneurs to give fillip to Stand-Up India Scheme

Tata Housing launches 'The Grand Indian Home Festival'

LANXESS increases prices for engineering plastics

AMP Capital establishes energy transmission platform in India with Sterlite Power

First-of-its-kind cradle that enables babies to have uninterrupted sleep

NASSCOM and BIRAC launches 'JAN-Care', a Nationwide Challenge to Scale Healthtech Innovation

LANXESS increases prices for 1,6-hexanediol

Fincare Small Finance Bank partners with Go Digit Insurance

Fincare Small Finance Bank signs a MoU with National Housing Bank for PMAY

S. P. Retail Brands Ltd. acquires UK based Kidswear brand Angel & Rocket

ESAF Small Finance Bank net profit grows by 41.09%

SIDBI's Standup Mitra Portal set up under GOI's Stand-Up India scheme reaches over 96,000 loan sanctions

Shriram General Insurance to strengthen business using Digital channels

Bharti AXA Life Insurance launches Bharti AXA Life Wealth Pro

SIDBI and CRIF India collaborate to introduce sector-based insight reports 'Industry Spotlight'

SIDBI joins hands with Government of Gujarat for the Development of MSME ecosystem in the State

FAITH asks Anti-competitive travel tax TCS to be withdrawn

ESAF Small Finance Bank Announces Fintech Conclave 2020

Micro ATM is a game changer in India - Says RapiPay

ClearTax amongst 20 Indian startups in CB Insights' World's Most Promising Fintech list

Liberty General Insurance Receives INR 100 Crore Capital Infusion from Promoter Group

SIDBI and TransUnion CIBIL launch MSMESaksham

Tata AIA appoints Naveen Tahilyani as Chief Executive officer and MD

Sharekhan just went Bollywood ! Launches MoneyFLIX, World's First Financial Movies Platform

Angel Broking becomes 4th largest brokerage house in the country based on active clients at the NSE

IL&FS board upgrades estimates of debt addressed to over Rs. 57,000 crore

Upstox Registers 1 Million Customers; Aims to Double by December 2020

Reliance Securities launches new referral programme to provide enhanced digital experience to customers

RankMF Launches India's First Mutual fund Portfolio Sanitization Tool: SmartSwitch

Blue Ashva Capital announces initial close of SME focused India Fund

Convergent Finance LLP announces USD14.1 mn investment in Jyoti International Foods

Angel Broking records highest monthly client addition of 1Lakh +

Universal Sompo General Insurance Company Limited has announced the appointment of Sharad Mathur as its Managing Director & CEO

Sonalika Tractors Records 18.6% Overall Sales Growth in May'20

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020