In line with the Government’s push for
digital payments, Fino Payments Bank is focusing its efforts towards digitizing
payments for rural masses, starting with those associated with the dairy
sector. The newly launched payments bank announced that it has tied up with
Mother Dairy and Gokul Dairy to digitize payments of milk pourers.
As the largest milk producing nation
with over 160 million tonnes of output annually, India has over 15 million milk
producers associated with more than 150,000 village dairy cooperatives. The
milk producers or pourers, a key component of Fino’s target customer base,
largely get paid in cash at the milk collection centres (MCC) where they
deposit milk.
Stating digitizing payments for dairy
sector as a step towards banking for all, Rishi Gupta, MD & CEO,
Fino Payments Bank said, “As the torchbearers of White Revolution, the
hard-working milk pourer segment across the country deserves to get the
benefits of digital banking. While the segment plays a vital role in the
nation’s growth story, it also needs to be financially secure. With this
thought, we have focused on the dairy sector to enable digital payments and
going forward we will explore other rural, agro-based and allied sectors that
need digitized payments and banking services.”
To facilitate digital payments for milk
pourers of Mother Dairy Fruit and Vegetable Pvt. Ltd, a subsidiary of National
Dairy Development Board, Fino Payments Bank will open accounts and provide
instant RuPay debit cards. The same will be done for milk pourers affiliated to
Maharashtra-based Gokul dairy.
Post account opening, the payment due to
milk pourers will be directly credited into their accounts. They can withdraw
money from the MCCs or from any ATM using RuPay debit card. Further, customers
can use Fino’s mobile banking app BPay to make digital payments and do other
banking transactions.
“Through our simple and convenient
banking model, we would encourage our customers to save money and make payments
through bank accounts. As a digital bank, our branches and banking points
deploy Aadhaar-based authentication and verification to facilitate secure, safe
and paperless banking transactions. Customers also have the option to use BPay,
our mobile banking app,” added Gupta.
With each dairy having thousands of
MCCs, Fino will add these centres to its banking network thereby increasing its
reach and providing enhanced customer convenience. This is bound to make life
easier for milk pourers. Contrast this to the earlier situation where people
had to travel quite a distance to the nearest bank to withdraw money at extra
cost and loss of income.
Fino Payments Bank started operations in
July 2017 with 410 branches and 25000 access points across 14 states.
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