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Bharat Financial Inclusion plans to rollout 2 lakh Kirana Points

Capital Market 

Across 16 states in India

Financial Inclusion has plans to rollout 2 lakh Kirana Points across its network in 16 states of India, in partnership with leading banks. With the introduction of Kirana Points, Financial Inclusion's borrowers can now walk into the nearest kirana/ merchant store to make basic financial transactions like repaying loan, depositing money, withdrawing cash, making bill and other payments.

The tailor-made innovation for rural borrowers is based on extensive research among potential users, and is ready for ramp up across the country in view of its increasing acceptance among borrowers in Humnabad, Karnataka, where a Kirana Point pilot has been running in partnership with a bank.

Kirana Points will also act as distribution and service centres for products being financed by Financial Inclusion Limited, helping the Company pursue growth opportunities benefiting all key stakeholders in a rapidly changing financial inclusion environment.

Financial Inclusion Limited has 5 lakh borrowers operating kirana/ small merchant stores. Of these, the Company would target to convert 2 lakh stores into Kirana Points.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 09:18 IST