Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
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 feedback@equitybulls.com


Other Headlines:

Indian data center sector to require $3.7 billion of investment by 2023 to meet demand: JLL

Aluminium Industry reiterates urgency for 5% RoDTEP rate for economic sustainability

Cold chain logistics expected to grow by over 20% CAGR by 2025: JLL

Emerging trends in the consumer durables industry in the 'new normal' - Parag Kulkarni, MD, A. O. Smith India

Five Years of RERA have been transformational for the Realty Industry

Fino Payments Bank goes live with enhanced deposit limit of ₹2 lakh

Ageas Federal Life Insurance launches Saral Pension

Manipal Hosptials completes the acquisition of 100% stake in Columbia Asia Hospitals in India

Leading EV manufacturer Komaki Creates New Battery Technology that boasts of a blistering 220+ km range

Government of Odisha approves 9 new industrial projects worth INR 2570.54 Crore at the 100th SLSWCA meet

SIAM hosts 12th Lecture Series on Hybrid and Electric Vehicles in India: Development, Testing & Homologation

Top 5 Startups Fueling Innovative Financial Inclusion Solutions in India

Tech Trends that will Rule the Gaming Industry in 2021

LIC's Branding Rights of Andheri Metro Station, campaign executed by Times OOH

Bharat Biotech to expand COVAXIN® capacity to support vaccination campaigns in India and Worldwide

Lowering age to 18 yrs for vaccination, decisive step to restore confidence, says ASSOCHAM

Home Credit Partners with SEWA Bharat to restore livelihoods of nano entrepreneurs

Ascendas India Trust secures maiden S$100 million sustainability-linked loan from UOB

Noida International Airport begins the pre-qualification process for airport development and construction tender

Fractional ownership providing boost to Commercial Real Estate

Bharti AXA Life Insurance establishes bancassurance partnership with Fincare Small Finance Bank

NCR witness 111% jump in new launches

Pitstop raises USD 3.5 million in pre-series B funding led by Ventureast

CPAI urges Maharashtra govt to classify stock broking under essential services amid new COVID-19 curbs

BYJU'S to acquire Aakash Educational Services Limited through a strategic merger

Shriram Life Insurance introduces settlement of claims within 12 hours

Ascendas India Trust to invest in a forward purchase acquisition of 1.65 million square feet of an IT Park at Hebbal, Bangalore

JICA signs loan agreement for JPY 10 billion with TCCL for Climate Change Management Project in India

Arcil appoints Mr. Pallav Mohapatra as Chief Executive Officer & Managing Director

Home Credit strengthens its Insurance Portfolio

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


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

disclaimer copyright © 2005 - 2020