Rural Financial Inclusion Through Technology Based Business Correspondent Model: A Case of FINO Paytech Ltd

22 Pages Posted: 18 Sep 2013

See all articles by Debasish Maitra

Debasish Maitra

Institute of Rural Management, Anand

Parijat Upadhyay

Institute of Management Technology (IMT), Ghaziabad

Jatinder Handoo

FINO PayTech Ltd.; MFIN

Date Written: September 13, 2013

Abstract

The case is about FINO PayTech Ltd. popularly known as FINO. FINO has come up as an alternative channel to reach millions of un-banked population. Economic and social development of any economy heavily depends on the access to finance. Access to finance for the poor is not only essential for employment and poverty reduction but it also empowers them to connect with the banks to save and to avail credit facility for productive purposes. This eventually leads them to come out of the shackles of poverty. It started as a banking correspondent (BCs) which play the role of agents on behalf the banks in opening the accounts as well as processing due diligence for credits. Today it serves more than 64 million end customers all across India adding net one million (average) new customers to the formal financial system every month. As of 2011, FINO has already established its presence in more than 45,000 agent locations, 50,000 villages and 5,884 gram panchayats. Today, FINO aims beyond these signposts. The organization is only thinking and devising plans to attain 100 million customers by 2015.

Keywords: financial inclusion, FINO PayTech, branchless banking, MFI, BC model

Suggested Citation

Maitra, Debasish and Upadhyay, Parijat and Handoo, Jatinder and Handoo, Jatinder, Rural Financial Inclusion Through Technology Based Business Correspondent Model: A Case of FINO Paytech Ltd (September 13, 2013). Available at SSRN: https://ssrn.com/abstract=2325000 or http://dx.doi.org/10.2139/ssrn.2325000

Debasish Maitra

Institute of Rural Management, Anand ( email )

Anand - 388 001
India

Parijat Upadhyay

Institute of Management Technology (IMT), Ghaziabad

Raj Nagar
Hapur Road
Ghaziabad, Uttar Pradesh 201001
India

Jatinder Handoo (Contact Author)

FINO PayTech Ltd. ( email )

601 & 602, A Wing, Godrej Coliseum
Sion Road
Mumbai, 400022
India

MFIN ( email )

Gurugram
Haryana
Gurugram
India

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
273
Abstract Views
1,423
rank
163,821
PlumX Metrics