NE BUSINESS BUREAU
VADODARA, FEB 25
The banking behaviour of people in semi-urban and rural areas is gradually undergoing a change. In Gujarat neighbourhood shops are playing a critical role in making this happen with Fino Payments Bank taking the lead. Outlets of Fino’s strategic partner Bharat Petroleum (BPCL) also act as banking points.
As part of its ‘Fino Hamesha’ initiative, the bank has onboarded over 12,000 merchants in Gujarat as its banking points. Merchants are the neighbourhood stores such as kirana stores, medical stores, dairy outlets, mobile repair shops, etc that are always open and available. Most importantly, merchants are familiar with the local people and are friendly with them that lead to customer trust.
Mobile Express, a shop run by Amardeep Singh Sandhu, located at Golden Chowkdi is one of 350 Fino banking points in Vadodara that is helping customers with always-on, anytime banking services. This also includes 30 outlets of BPCL’where customers not only fuel their vehicles but also avail of hassle-free banking services at any point of the day or night, till the outlet is open.
“Always available banking services are the need of the hour,” says Himanshu Mishra, Senior Divisional Head (West & Central), Fino Payments Bank.
“People, especially from semi urban and rural areas, need quality banking services at their convenience. Our micro ATM and AePS enabled local merchants are familiar to people and provide personalised services. Customers can walk in anytime, even late in the night and in emergency situations. This convenience and assisted services has led to increased usage and adoption of banking. Given the need for such services, Fino would add another 700 points by end of March 2021, including over 100 BPCL outlets, to bring banking closer to customer homes.”
Fino’s current merchant network in the state facilitates around Rs 227 crores worth of customer transactions every month.
“Local merchants like Amardeep are playing a critical role in improving banking access. Customers in need of cash or depositing or transferring money walk into his shop and on average do transactions worth around Rs 10 lakhs a month. All without visiting a bank branch or ATM and at their convenient time as the point is always available. Looking at the win-win situation for customers and merchants, we have decided to have at least one merchant point for every 3,000 people,” said Kalpit Soni, Zonal Head, Fino Payments Bank.
At Fino Payments Bank points, one can open a new bank account in only 10 minutes, get instant debit cards, do deposit, withdrawal or money transfer transaction, pay utility bills, loan EMIs, and buy health, life and motor insurance. All in the neighbourhood, completely paperless and hamesha!
