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Bharat Financial to rollout 2 lakh kirana points for financial transactions

This initiative would result in 40% improvement in overall efficiency

BS Reporter 

microfinance, banks

company Inclusion (earlier known as SKS 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.

The project is built on the launched by the company on March 16.

"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 Inclusion Limited. "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 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

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.

First Published: Wed, June 14 2017. 17:40 IST