Directory of the Business correspondents in India - Microfinance ...

Business Correspondents in IndiaFINO Fintech FoundationYear Established: 2007Legal Form:Registrations No:Total Customers:States of Operations:Partnering Banks:Technology Partner:Section 25 companyU74900MH2007NPL171959Over 41,000,000 customersAndhra Pradesh, Assam, Bihar, Chandigarh, Chhattisgarh,Dadra And Nagar Haveli, Delhi, Gujarat,Haryana,Himachal Pradesh, Jammu and Kashmir, Jharkhand,Karnataka, Kerala, Madhya Pradesh, Maharashtra,Meghalaya, Orissa, Punjab, Rajasthan, Sikkim,Tamil Nadu, Uttar Pradesh, Uttarakhand, West BengalAndhra Bank, Axis Bank, Bank of Baroda,Central Bank Of India, Corporation Bank,Deccan Grameen Bank, Dena Bank,Dhanalaxmi Bank, HDFC Bank, ICICI Bank,ING Vyasa Bank, Jammu and Kashmir Bank,Kotak Mahindra Bank, Oriental Bank of Commerce,Punjab National Bank, Purvanchal Gramin Bank,State Bank of India, United Bank of India,Financial Inclusion Network & Operations Ltd.Overview of the Organisation:FINO Fintech Foundation (FFF) is registered under section 25 (not-for-profit company) of theIndian Companies Act, 1956. It was incorporated on June 23, 2007. The role of FFF involvescreating the agent network, designing new products, managing training and audit calendar withthe banks. FFF promotes sustainable livelihoods and economic self-reliance for the rural, poor andunbanked by linking them to financial and insurance services and technical assistance.Products Offering:1. Banking• FINO Savings: It is a biometric smart card based no-frills savings account. The card is apassbook-cum-ATM card and can also be used to deliver loans, remittance, and insurance to microcustomers.• FINO’s Self Help Group (SHG) product solution leverages FINO’s robust technology platformand pan India agent (Bandhu) network, to provide an automated, scalable, efficient and costeffective servicing of SHG clients.Remittance• FINO Money Transfer provides safe, fast and convenient ways to remit money at the doorstep ofbeneficiaries in remote areas. FINO is like an intermediary between the remitter and beneficiary. Itleverages smart card technology to provide quick, low cost and reliable services to customers.2. Government• FINO Electronic Benefit Transfer: FINO offers revolutionary technology solutions to improve theoperational ease in social benefit schemes (MGNREGA, SSP) through its BC model. The servicesinclude enrollment of beneficiaries, issuance of biometric smart card, disbursement of wages asper e-pay orders and report generated.3. Insurance• FINO SURE: It is a micro insurance product that enables insurance companies to reach lowincomecustomers. FINO acts as medium between the insurance company and BoP customers.Currently, coverage offered are for accidental death and disability, but there is a potential toexpand existing product suite with life, weather and health insurance.Listings Based on Secondary Data27