For people living near Hebbal Housing and Industrial area, be it small business owners, workers, daily wagers or residents, a neighbourhood petrol pump is doing great service by providing access to banking at their convenience.
M/s Sri Varaprada Fuels, a Bharat Petroleum (BPCL) outlet located on Hebbal Ring Road, also works as a banking point of Fino Payments Bank. Equipped with Fino’s Micro ATM and Aadhaar enabled payment system (AePS) devices, the staff at the outlet transform into a human ATMs, helping people deposit, withdraw, transfer money and even open new accounts.
In addition to BPCL outlets, around 3000 neighbourhood small business owners such as kirana, mobile repair, dairy outlets are part of Fino’s banking network spread across South Karnataka.
Biswajeet Sinha, Senior Divisional Head, Fino Payments Bank (South) said, “Towards our endeavour of making banking simple and convenient for people, we are focussing on three critical elements. Firstly, improve access in villages to avoid travel by transforming the neighbourhood kirana, dairy and other shops into banking points. Secondly, provide the convenience of digital banking with micro ATMs. Thirdly, we have partnered with NBFC companies wherein their customers can pay their EMIs at our points without having to go to a bank branch.”
“We intend to penetrate deeper into the interiors of the state by doubling our banking network to over 6000 points this year,” added Mr. Sinha
“The advantage of the local shops and BPCL outlets is that they are close by and are open till late in the evening allowing customers transact at their convenience either using a debit card or through Aadhaar authentication. Importantly, customers can focus on their work or business, while merchants can earn on every transaction. Also, cash is always available at these outlets unlike at some ATMs,” said Praveen Kumar, State Head, Fino Payments Bank
Along with banking, at these neighbourhood outlets and BPCL points, customers can also purchase insurance (health, life, Covid and motor) pay utility bills, do mobile and DTH recharge. Beneficiaries of government DBT schemes found the human ATMs convenient to withdraw cash.
Speaking about the two-year old BPCL-Fino banking partnership, VVS Gunnaji Rao, Territory Manager (Retail), Mysore, BPCL said, “The association isunique in the oil industry as it allows our petrol bunks to facilitate banking services for customer convenience. During the COVID pandemic, our dealer network added tremendous value by providing ATM services to customers all the time. Various NBFCs also appreciated EMI collection services offered at BPCL retail outlets which otherwise would have been very difficult. All India we have around 5786 petrol pumps that provide banking facility clocking a GMV of Rs 2208 crores. During the first half of the year, 48.16 lakh transactions were done with around 15 lakh people in the South states and around 3 lakh people in Karnataka using this facility.”
Since the start of FY 20-21, Sri Varaprada Fuels has been facilitating customer transactions worth over Rs 2 lakh per month. During the same period, Fino’s network in South Karnataka facilitated transactions worth around Rs 200 crores!