These RDSPs, also known as ‘Bharat Money Store’ is a business innovation by BFIL that offers the convenience of facilitating deposits and withdrawals for the rural population based in remote locations of the country. With the help of a Bharat Money Store, rural villagers can now walk into their nearest kirana/merchant store to make basic financial transactions like repaying loans, depositing money, withdrawing cash, making utility and other kinds of bill payments.
Bharat Money Stores are actively supporting Government’s efforts at encouraging the usage of the Direct Benefit Transfer (DBT) model by enabling withdrawal at their neighborhood shop for over 4 lakh beneficiaries in Karnataka, Odisha, Maharashtra and Bihar. Given the restrictions on movement owing to the current lockdown in the country, the Bharat Money Stores have also made banking services available to over 5000 villages, thereby impacting the lives of 3.5 lakh people in addition to the 4 lakh DBT beneficiaries.
Talking about the initiative, Mr. Ritesh Chatterjee, Head, Bharat Money Store said, “At BFIL, it has been our constant endeavor to nurture and support livelihoods across over 1,20,000 villages. Bharat Money Store as a concept has ushered in the most convenient cash-in, cash-out points in rural areas which is coupled with a friendly neighbourhood guide, who caters to the customer’s financial needs. Through this initiative, IndusInd Bank along with BFIL aims to offer the convenience of making banking services available across the remotest areas of the country, without having to make the customer travel long distances. We strongly believe, this will go long way in building financial inclusiveness and sustainability across unbanked as well as under-banked locations of the country.”
"During the lockdown period, many people in my region received funds from government under DBT. They have been coming to my store to withdraw cash, deposit or transfer money. I am happy to have served customers and supported the government by facilitating DBT transactions at such a critical time", said Raghvendra, a Bharat Money Store merchant from Chincholi in Sulepeth, Karnataka.
The Bharat Money Store is built on the strength of the Aadhaar architecture (eKYC, AEPS) which is central to the Government’s DBT model for distribution of relief fund, as well as the only payment channel to have seen a record increase in transactions volumes in April this year.