FINO PayTech to facilitate payments in East Godavari district

Union Rural development Minister Jairam Ramesh and Chief Minister N. Kiran Kumar Reddy today launched the direct cash transfer scheme at Gollaprolu in east Godavari district of Andhra Pradesh.

The Aadhaar-linked direct cash transfer scheme covers National Rural Employee Guarantee Scheme and social security pensions.

FINO PayTech, in association with ICICI Bank, have facilitated cash disbursement to beneficiaries in East Godavari district of the State.

With the launch of the scheme, FINO PayTech, a Business Correspondent (BC) service provider, in association with ICICI Bank, will facilitate NREGA and pension payments through Aadhaar linked bank accounts to identified beneficiaries.

Under the direct cash transfer scheme in some gram panchayats, about 1,400 beneficiaries have been identified for the inaugural pay off event, based on their bank account and UID number linkage.

They would be given cash benefit through Aadhar Enabled Payment System (AEPS) and finger print authentication on micro ATM machines operated by FINO PayTech agents.

Manish Khera, CEO, FINO PayTech, in a statement said, "As a technology service provider and business correspondent, FINO PayTech has been at the forefront in enabling the national mandate of Financial Inclusion. We have integrated bank and UID systems and made the micro ATMs Aadhar compliant."

Ashish Ahuja, Vice President, FINO PayTech said, "In AP FINO PayTech has been servicing close to 10 million people in the State’s 15 districts in association with 6 banks – Andhra Bank, ICICI Bank, Union Bank of India, ING Vysya, Axis Bank and Corporation Bank."

FINO PayTech services over 53 million customers spread across 26 states through a network of 33,000 transaction points.

With the launch of the scheme, the Aadhaar-based direct cash transfer scheme takes off in Andhra Pradesh

(This article was published on January 6, 2013)
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