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Rural Financial Inclusion Through Technology Based Business Correspondent Model: A Case of FINO Paytech Ltd

The case is about FINO PayTech Ltd. popularly known as FINO. FINO has come up as an alternative channel to reach millions of un-banked population. Economic and social development of any economy heavily depends on the access to finance. Access to finance for the poor is not only essential for employment and poverty reduction but it also empowers them to connect with the banks to save and to avail credit facility for productive purposes. This eventually leads them to come out of the shackles of poverty. It started as a banking correspondent (BCs) which play the role of agents on behalf the banks in opening the accounts as well as processing due diligence for credits. Today it serves more than 64 million end customers all across India adding net one million (average) new customers to the formal financial system every month. As of 2011, FINO has already established its presence in more than 45,000 agent locations, 50,000 villages and 5,884 gram panchayats. Today, FINO aims beyond these signposts. The organization is only thinking and devising plans to attain 100 million customers by 2015.