Mr. Dayashankar runs a tailoring business in Raipur. In late 2017, he came to know about Evolute’s micro ATM and became a bank correspondent (Mitra) with one of our clients. The user-friendly interface with Android OS based tab helps him to complete all the transactions easily. On asking him about the same, he says, “I am the only shop in my village which has been able to offer doorstep banking with daily transaction volume going to INR 1-2 lacs”.
In a small village by the name Sehore which is approximately 50 km from Bhopal, Shanti Bai runs a grocery store. She is eligible for pension for which she waits for the 10th of every month. Previously she faced many problems dealing with the bank. She had to walk a lot and she didn’t know how to do the paperwork. A Bank Mitra is established in their vicinity. The villagers are all adapting to the new technology for making their lives easy.
Shanti Bai is happy with the fact that technology has progressed over the last few years. She feels that technology should be adopted across India so that people like her can benefit.
In the current situation, this is how the under-served population in rural areas across geographies are benefiting through Digital financial inclusion programs.
The Coronavirus crisis is unprecedented. The outbreak of pandemic COVID-19 has affected the whole world. While the lockdown in India is the right step to contain the virus, the economy is on the downward trajectory. Other than essential services, everything else is shut.
When it comes to financial access, urban people are utilizing digital banking for financial transactions. The RBI last month urged people to use digital banking facilities and digital payments amid the Coronavirus outbreak. They have already set in motion certain measures like setting up a digital payments regulator, promotion of UPI, and Bharat Bill payment for repetitive bills.
This is where the stories of people like Dayashankar and Shanti Bai are inspiring.
It proves how technology can transform the lives of financially excluded people and give easy and affordable access to financial systems.
It is accelerating the upward trends in the Fintech industry which were already in motion for the past many years. A long term shift towards digital was already underway and now people have realized the need for greater efficiency and convenience.
Evolute has rolled out various tech-enabled suite of products like POS – Point of Sale terminals, micro ATMs equipped with NFC, bluetooth thermal printer, a robust battery that ensures longer working hours with UIDAI approved most secured environment (RD) for easy transaction and authentication for transfer ,deposit and withdrawal of money.
Doorstep banking service is gaining momentum as social distancing is key to fighting Coronavirus. Advanced applications and solutions help you open bank accounts easy and fast and gain access to Micro-financial institutions.
Digital Inclusion
Last month, the government of India announced a relief package for those affected by the COVID-19 situation. The dire need of the hour is that financial aid may reach the poor living in rural areas. The digital financial inclusion programs will help immensely the people to avail the benefits using the Direct Benefit Transfer – DBT scheme of the government and Evolute’s offerings fit perfectly here with the products being used for the actual transfers. Also, the subsidies and relief measures in the future can be made available easily through it.
Though the physical banks have suffered a slight setback, the compelled transformation has given rise to the use of Fintech applications, devices and software services which will eventually lead more people to use digitally-enabled banking in the future.
Visit www.fintech.evolute.in/ for more details.
