Fino Bank’s branchless network improves banking access in North East states

Fino Bank’s branchless network improves banking access in North East states.

Branchless banking, precisely as it sounds, is about banking that enables regular banking services without going to an actual branch. It means that having to physically go to a financial institution once you need to make any financial transactions is far in the past. Both time and money are saved on the travels.

To bridge the access gap and provide convenient digital banking services Fino Payments Bank plans expansion of its banking network in the North East states. 

People living in remote rural and difficult terrains such as hilly regions in the North East states generally lack access to many things, banking being one of them.

Seven states of the North East (NE) region together have a population of over 45 million or 4.5 crore as per 2011 census. It is estimated that 85% of the population lives in rural areas, with over 90% villages having less than 1000 people where there is low banking penetration.

 
“Branchless banking is the way forward to improve access, especially in rural and difficult terrains,” said Mr. Atul Trivedi, Senior Divisional Head (East & North East), Fino Payments Bank here in Guwahati.

“In line with this strategy, we have ventured into West Bengal, Odisha and NE states where we have our own network of around 55000 banking points. In NE we have a branchless network of close to 12000 points with Assam alone accounting for around 10,500. To reach out to more customers we will penetrate deeper into the interiors across all NE states, especially Assam, Tripura, Manipur, Meghalaya and Arunachal Pradesh. We plan to add another 5000 banking points in the NE region by March 2023.”

Mr. Sachin Joglekar, Zonal Head, Fino Payments Bank said, “The presence of our points closer to their homes has allowed the inhabitants of the islands of Sunderbans, of the villages of Bagdah, Jonai and Sabroom near Bangladesh border touching West Bengal, Assam and Tripura and at the Pasi ghat in Arunachal Pradesh, access and avail convenient digital banking services.
Also, close to 20,000 students across NE receive scholarship under   government’s ‘Pre-Matric and Post-Matric scholarships for students (PFMS)’ scheme directly into their Fino Bhavishya minor savings account.”  

The branchless banking points are the small business owners such as kirana, mobile repair, photocopy, stationery shop etc that are present in the neighbourhood.

"Outlets of Bharat Petroleum (BPCL), our strategic partner, also act as Fino banking points. With Micro ATM and Aadhar enabled payment services (AePS) devices, the shops become local banking points where people can do banking at their convenience without worrying about travel. Additionally, for merchants it is a good avenue to earn extra income and good will of the customers" he said.

 
At Fino points, any bank’s customer can transact, open new Fino Bank account, do deposits, withdrawals, money transfer and access third party products such as life, health and motor insurance, referral loans, and pay utility bills.

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