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Oxigen Services, a non-bank payment solutions provider, and Adarsh Credit Co-operative Society have signed an agreement to deploy Micro-ATMs to Adarsh Credit’s advisors, for branch-less banking and financial services.
In the largest deployment ever, Oxigen Services aims to appoint Adarsh Credit’s active base of one lakh advisors across India as business correspondent agents of Oxigen to offer services such as paperless bank account opening through e-KYC, banking services like Aadhaar-enabled payment system, cashless Bharat Bill Payment services, and recharges.
In a reciprocal effort, a selection of Oxigen’s retail network of two lakh touch points will also become business correspondents of Adarsh Credit.
The Oxigen retailers will have access to all products from Adarsh Credit, like fixed deposits and recurring deposits, share capital, loans and various other financial services for their own use as well as their customers’ use.
Commenting on the tie-up, Pramod Saxena, CMD, Oxigen Services, said: “This strategic partnership is a big step towards driving digital payments, through its single largest deployment of one lakh Oxigen micro-ATMs within one year, to serve people in rural and suburban India.
“This association would benefit nearly 1.8 million Adarsh members, availing financial services and cashless payments, propelling the nation’s financial inclusion agenda.”
Rahul Modi, MD and CEO, Adarsh Credit Co-operative Society, said: “This tie up will be a game changer in the financial landscape of Rural India. With Oxigen’s Micro ATM, Adarsh Credit will reach it’s 2020 target of acquiring one lakh new villages, that will become financially inclusive.
“Adarsh Credit with 100 per cent of its business through a digital framework, will now be able to provide its advisors with Oxigen’s Micro-ATM services, e-KYC, virtual Rupay Card, AEPS, value-added services and more.”
Currently, Adarsh Credit has 809 branches, and three lakh advisors (agents), of which, one lakh are active transacting advisors servicing 18 lakh account-holders as members.
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