|We endeavour to take part in building India's retail financial services infrastructure and wealth-building
potential. Through an array of our Strategic Projects, we aim to leverage the emerging
technology in India in order to provide basic financial services to the unbanked households.
Through our Strategic Projects, our basic objective is to address consumer dynamics and drive
the demand for high-cost financial services among Indian households. Most importantly, we wish
to confront the difficult task of promoting household savings and investment and convert the
current spending into savings and wealth creation.
To fulfil our vision of providing affordable financial services to rural households, we shall work
with the vast and geographically well-positioned retail infrastructure network of banks and credit
unions. Services falling under this category include providing non-bank check cashers, payday
lenders and short-term loan providers to the unbanked common man.
||Through our tie-up with 31 banks
and our outsourced model, we provide end-to-end
banking services in India. Through the best breed
of functional modules, we aim to provide access to
real-time basic banking transactions with technologydriven
real-time connectivity at Gram Panchayat level,
besides a host of Banking and Insurance services. In
addition, these Brick & Mortar branches will offer a host
of G2C and B2C services, becoming a one-stop shop
for India’s under-served population.
Our intent of setting up and managing a robust
framework of ultra small branches across India is yet
another step towards financial inclusion. Branded as
Vakrangee Kendras, these outlets provide banking and
BFSI services to the under-served population of India
with an objective of inclusive growth.
Vakrangee Kendras are our touch-points to deliver
services to citizens through our cutting-edge
technology. More than 20,600 of these Vakrangee Kendras
are already operational. Through Vakrangee Kendras, our
aim is to ensure efficiency, transparency and reliability
of services at affordable costs to realise the common
man’s basic needs. Our B2C services will range the
entire income spectrum of services – from direct cash
disbursement and recharge coupons to delivering
items such as automobiles or high-end consumables.
|White Label ATMs
|The Reserve Bank of India (RBI) has licensed us to set up and manage a minimum of 15,000 White Label
ATMs across India within three years. We are required to implement this roll out at the rate of 5,000 ATMs a year (beginning January 23, 2014) and maintain a Rural-to-Urban ratio of 2:1, i.e., for every White Label ATM set up in Tier I or Tier II centres, we will need to establish two White Label ATMs in Tier III to Tier VI centres (with a minimum of 10% of ATMs in Tier III
to Tier VI centres to be opened in Tier V and Tier VI centres).
We will earn revenues from participating banks who will pay us a transaction fee for every transaction (financial and non-financial transactions) conducted through our White Label ATMs.
We intend to establish White Label ATMs near or within our Vakrangee Kendras to increase revenues and cost synergies. We also intend to make our ATMs biometric-enabled to enable people to access and conduct ATM transactions using their fingerprints
in addition to bank cards. We believe that there is a growing market for ATM services in India given the extent of completed enrollments in the UIDAI project across India, which will result in more people having access to biometric-enabled ATMs than was previously possible using ATM cards. A portion of the proceeds from the offerings are intended to be deployed in implementing our White Label ATM roll
out plan across India.