Bharat Financial to rollout 2 lakh kirana points for financial transactions

This initiative would result in 40% improvement in overall efficiency

Microfinance 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.

The kirana points project is built on the Instant Loan Approval 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 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."

Kirana points 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.