Core services > Banking Services
The Government of India in recent times has taken radical steps for creating and improving infrastructure and facilities in rural India. Still, only around 41 percent of the rural population in India have formal savings and only 20 percent have access to credit from banks and institutions. These are majorly people from the farming sector. A large population from the rural areas are displaced every year in search of better opportunities. The ones who end up in the larger cities as daily wage labourers are left with no direct access to banks and institutions as they may be considered too low value customers. This creates an immediate opportunity for a system that can cater to such requirements and provide monetary assistance and transaction support at convenient locations across the country.
At Connect India we intend to create a banking correspondence (BC) model to serve the low value population. This model enables greater rural outreach and nationwide connectivity to improve the business volumes. The Reserve Bank of India permits BCs to undertake basic banking services viz., Collection/ payment of small value deposits, disbursal of small value loan amounts, collection of loan instalments, receipt and delivery of small value remittances. At Connect India with an extensive last mile delivery network and a diverse business model, we are well equipped to handle all of this and more with a simple vision of delivering smiles.