Money & Banking

BFIL facilitates ₹100 cr of transactions through rural distribution service points

Our Bureau Hyderabad | Updated on May 11, 2020

Representative image   -  istock.com/Kritchanut

These service points, or Bharat Money Stores, have made banking services available to over 5,000 villages

Bharat Financial Inclusion Ltd (BFIL), an arm of IndusInd Bank, has facilitated financial transactions worth over ₹100 crore through its wide network of rural distribution service points (RDSP) in Karnataka, Odisha, Maharashtra and Bihar.

These RDSPs, also known as ‘Bharat Money Store’, is a business innovation by BFIL that offers the convenience of facilitating deposits and withdrawals for the rural population based in remote locations of the country.

With the help of a Bharat Money Store, rural villagers can now walk into their nearest kirana/merchant store to make basic financial transactions like repaying loans, depositing money, withdrawing cash, and making utility and other kinds of bill payments.

Bharat Money Stores are supporting the government’s efforts at encouraging the usage of the Direct Benefit Transfer (DBT) model by enabling withdrawal at their neighbourhood shop for over four lakh beneficiaries in Karnataka, Odisha, Maharashtra and Bihar.

Given the restrictions on movement owing to the current lockdown in the country, the Bharat Money Stores have also made banking services available to over 5,000 villages, thereby impacting the lives of 3.5 lakh people in addition to the four lakh DBT beneficiaries.

“Through this initiative, IndusInd Bank, along with BFIL, aims to offer the convenience of making banking services available across the remotest areas of the country, without having to make the customer travel long distances,” Ritesh Chatterjee, Head, Bharat Money Store, said in release issued here on Monday.

Published on May 11, 2020

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