company Bharat Financial
Inclusion (earlier known as SKS Microfinance
Limited) is planning to roll out 2 lakh kirana points across its network in 16 states to enable its borrowers to make basic transactions like repaying the loan, depositing money, withdrawal of cash among other things by visiting these stores.
"We are delighted that we are becoming the first entity in India to launch 100 per cent digital financial inclusion on such a scale, thanks to our team's simple innovation," said M R Rao, CEO and managing director of Bharat Financial
Inclusion Limited. "Kirana points
will eliminate, for rural borrowers, the past insurmountable obstacles like PINs, and usher in the more convenient cash-in, cash-out points featuring biometric authentication neighbourhood guide."
will also act as distribution and service centres for products being financed by Bharat Financial
Inclusion, according to the company management. It has 5 lakh borrowers operating Kirana/small merchant stores.
Of these, the company would target to cover 2 lakh stores into Kirana points.
According to Bharat Financial's chief of operational excellence, Ritesh Chatterjee, these technology-based initiatives would result in 40 per cent improvement in overall efficiency.