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5 Key Factors Affecting Rural Indians’ Access to the Formal Credit System India is a nation where agriculture plays a crucial role in the economical growth of the country. People in rural India depend on agriculture for food, income, and raw materials. But any climatic change or unavailability of funds that affect agricultural production create a huge impact on the lives of farmers. Each year an alarming number of farmers commit suicides across the country. The foremost reason for this is the slow growth in agricultural production due to the unavailability of agricultural credit during a period of acute crisis and unfortunately, the government is not far-reaching and doesn’t prove to be beneficial for small and marginal farmers. The Indian government has attempted various measures but still, the formal source of credit falls short. Here are the key factors affecting rural Indians access to the formal credit system: Unavailability of Proper Documentation: To avail the formal credit from commercial banks and cooperative societies, a proper set of documentation is obligatory. Many people in the rural area, don’t have their Aadhaar card, pan card, or voter Id. Either they don’t have applied for it or might have lost it. The lack of documentation put a limitation on their access to the formal credit system and increases their dependence on informal sources and as a result, they have to pay extra interest rates and many people become bonded labor. Irregular Source of Income: Rural India is extensively reliant on Agriculture for its requirements and survival. Small farmers work day in and out to generate daily income which is only hand to mouth kind of income. They are always in need of credit but their needs are often unmet by the government. They are stuck in their debt and unable to rise above it. But to get credit facility from the cooperative banks and commercial bodies, a regular source of income is necessary to show the repayment capability which many people fail to do. No Credit history or Poor Credit Score: According to the sources, the returns earned by farmers through formal credit is 17% high than farmers dependent on informal sources. Therefore, the government is taking the initiative to pay agricultural credits but when it checks the creditworthiness of a person, no data is found. People in rural India face difficulties in accessing credit and get exploited by informal sectors as formal credit sectors are unwilling to take any risks. Credit history is checked by the formal sectors to get an idea of the repayment capability of the borrowed sum on time. Despite numerous existing initiatives, only a few percentages of marginal farmers are covered by formal credits. Absence of Collateral: Farmers generally don’t own a big house or land. They work in somebody’s land to earn their living. They don’t have any collateral to show and avail the credit. Due to this reason, they couldn’t able to buy seeds, machinery, and other advanced technology that could increase the return from their farming activity. Inflexible Tenure Interest Rates: The credit availed from the formal credit system has a fixed tenure and interest rate whereas the informal credit system gives flexibility in repayment tenure and interest rates. Small Farmers and other marginal laborers, generally prefer to take credit from other informal sources, so they can pay the loan amount at their own pace. Moreover, they don’t have to show any documents or collateral to get the loan. Some Reliable Alternatives to Formal credit system: Micro Lending The economy of our country mostly depends upon loans. But many rural people are not eligible for the loan systems in India. Hence, iServeU is with them to support them financially through the advance “Micro Lending” platform. BC Agents can boost up their business with the help of iServeU lending or Loan Disbursement solution. Grow your business with our easy working capital loans. For more info, visit us at https://iserveu.in/ or call us on +918338088000.

The last and the most important: Investment This is the last stage and the most important part that is the investment. Once you get funds for your venture, further rounds of financing proceed. Many fintech companies like iServeU are offering business funding and working capital to their retailer network partner. For more info, visit us at https://iserveu.in/ or call us on +91 8338088000.

 (1) Hospitalization Cash – (2) Permanent Disability – (3) Death @ the Price of ₹ 635/- Only.

iServeU is one of the best Fin-Tech companies in Odisha that taps a very diverse spectrum of people to avail easy and basic banking facilities like Domestic Money Transfer, Cash withdrawals etc. Our aim is to reach every corner of the nation and remotely located unbanked masses with top-notch technology. We believe technology and banking should be for everyone, hence we have partnered with major private banks like RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, HDFC, ICICI Bank, AXIS Bank and Fino Payments Bank as FI solution provider. We’ve also partnered with several FMCG, SMEs and other co-operative banks to take banking to the doorstep of un-served masses. With a vision of enabling easy banking transactions to simply lives we are moving towards our mission of redefining financial inclusion.

Aadhaar ATM:  One Easy Solution for Every Transaction. ATMs have been around us for quite a long time now. Did you know that the first one in India came around 1987! And to be very honest, in these last 32 years, there had been no major changes to the fundamental model of an ATM. When ATMs were introduced, they solved a huge problem of availing instant cash to the public without any direct involvement of any typical banking process. People were able to avail cash anytime just by using their credit or debit cards from the nearest ATM kiosk, Though the invention served many financially literate people in the last three decades the usage has been only limited much of the urban population. Rural masses couldn’t get much of it due to a lack of financial literacy and complexities that came with it. However, that is not the case anymore, at least not with Aadhaar ATM When iServeU was founded, its key goal was to bring products and services that will solve the problem of financial inclusion in rural masses. To provide a hassle-free banking service to a nation at the need of the hour, iServeU came up with a revolutionary product that became a breakthrough in personal banking – Aadhaar Enabled Payment System. AEPS or Aadhaar ATM is the most convenient way of making basic transactions like cash withdrawal and balance inquiry by just using Aadhaar Card and Fingerprint. That’s it! No more bank visits or hunting of ATMs, No need of IFSC code or any account number, just your unique Aadhar Number and fingerprint will do your transactions without any additional costs! iServeU has partnered with RBL bank limited to take the service to a maximum number of people, especially in the rural masses. The service is so simple and reliable that people who find it difficult to remember security pins or go through hectic banking procedures like senior citizens, differently-abled etc. can also get the hold of it. Aadhaar ATM is a safe facility with biometric authentication that enables instant and secure transactions at the tip of your fingertips. It is a small but essential step towards the dream of bridging the financial gap between the institution and the masses. For more details contact us.

How iServeU is Bringing ATMs to the Palm of Your Hands. years ago if I told you that soon there would be an app on which you can enter any location you wanted to go, and a cab would come to pick you up navigating through an electronic map automatically in a couple of minutes, you’d ask if I have totally lost it. But Uber is real now and used by millions of people every day. Today, it is almost impossible to imagine commute without these apps. The point here is technology has simplified every tedious task over time making things portable. Speaking of portability, there was a time when people had to visit a bank for simple transactions like balance enquiry or cash withdrawal. To make things easier ATMs came to rescue and the thing became easy but this ever-growing physical world demands more accessibility and speed, calling in for the next generation of ATMs – Micro ATM or mATM iServeU’s Micro ATM processes transactions through an android app using a card reader ATM device. This product operates under the National Financial Switch and guidelines of NPCI which ensures the safety and security of your transactions. The Micro ATM uses Bluetooth connectivity to pair with an Android smartphone or tablet and the customer’s Debit card and ATM PIN are the only requirements to initiate withdrawal or balance enquiry transaction. Micro ATM is an on-the-go transactional service which is way more different from a traditional mPOS device or Cash@POS Service. With mPOS devices, you can perform transactions on Sale and Cash@POS mode. In POS service, above Rs. 2000/- amount there are some certain MDR charges for both Debit and Credit card. For credit card, MDR charges are even higher. In Sale transactions below Rs. 2000/- MDR charges are also there in POS services. The best thing about mATM service is that there are no Sale or Cash@POS mode. There are no MDR charges for any transactions. You can withdraw as per your card issuer banks’ limitations. <em>iServeU aims to provide a significant number of Micro ATM services, mostly in rural areas to simplify conventional banking. Click here to learn more.

Why Domestic Money Transfer May Change Conventional Bank Transactions Forever? December 2015, Economists in India observed a dramatic surge in mobile banking transactions which was almost more than four-fold of the amount transacted a year ago. According to RBI, the transactions surged to 82% over the September-December period. Bankers said that while mobile recharge, bill payments, etc. dominated mobile retail transactions, large value transactions were made by corporate clients through mobile platforms. But, surprisingly recent reports of Reserve Bank of India suggest that despite the huge peak in late 2015, India’s financial inclusion efforts still have not succeeded in bringing expected results yet. Let’s see what went wrong and how Domestic Money Transfer (DMT) could be reshaping conventional bank transactions? The digital payments market in India is currently pegged at $200 billion and expected to touch the $1 trillion market by 2023! But if the numbers are to be believed then why there is a financial gap that still exists in some places? Truth is most of these facts reflect results of surveys done mostly on a ‘financially literate’ population missing out on masses that are miles away from the technology. Even though 4 out of 5 people in India have a bank account today, about 78% of the transaction still continues to be cash-based. The main problem lies in falling sort to reach the population which lacks both digital and financial literacy and has little or no access to financial inclusion products including basic banking facilities. Domestic Money Transfer The key to the solution is bridging the financial gap between the masses and banking institutions through a common channel that people can trust. A medium they are familiar with and have easy access to; like, a ‘Kirana’ Store. Reports say about 15 Million Kirana stores exist in India which have access to a Smartphone or Laptop. We believe that these stores could be a solid medium of introducing financial services to remote masses and as a start iServeU\ has linked its wallet system with multiple banks’ IMPS to operate estic Money Transfer (DMT) smoothly. ]Domestic Money Transfer is the most robust way of transferring money to any bank account in just 15 seconds through the sender’s mobile number only. No need to visit banks or CDMs and wait for hours in a queue to deposit money. Just go to your nearest Kirana store where the retailer will create a wallet on behalf of you in seconds just by OTP based verification on your mobile. That’s it; you’re good to go with your first transaction! Currently, our DMT service suffices 450+ banks on the platform with a promise of security and risk-free transactions 24×7. We believe that with such ease of service the dream of financial inclusion is not very far and banking for all will be no more a myth. To know more, follow our 

Bharat Bill Payment System (BBPS) – Easiest Way Without Facing Much Hassle. we all know the Bharat Bill Payment System (BBPS) is an integrated system of paying bills especially in India. It offers interoperable and accessible bill payment service to various customers with assistance from a proper network of agents who are already registered as members. iServeU has tied up with bank alliances, to provide uninterrupted service in Bharat Bill Payment System and Recharge. All bill operators are interconnected in this BBPS and more than 100 recharge and bill operators are associated with us. Bharat Bill Payment System has various benefits. An individual can make the payment of a bill anywhere and anytime. There is no need to take out time and stand in a queue to clear one’s payment. The app helps to clear the bills in the easiest way without facing much hassle. The main motto of BBPS is: The system is indeed accessible anytime and from anywhere, making it convenient for the customers. The system also increases the trust of the customers by delivering reliable services. The option for multiple numbers of payment modes is indeed an added advantage. The system also provides on the spot payment confirmation making it easily verifiable as well. There are certain noted advantages of BBPS users (customers) as well. Here is the list that follows: The access to this kind of system will be available everywhere, including the no or minimal banking region. Multi-modes of payment could also be used like debit cards,credit cards,e-wallets, etc. Payment for any kind of bill from any biller could also be made with the help of a single portal. Participant Benefits: The system will be a convenient and efficient medium for the customers and the stakeholders as well. A standard system for making bill payments will be created for both i.e. user and Participants. Frauds could be reduced to nil by active monitoring and also implementing the risk mitigation system. The system will make the process of bill payment faster and bill presentation quicker. The system reduces the cost of the billers by providing e-bills. Bharat Bill Pay has made everyday bill payments easier and accessible across the country. Now use Bharat Bill Pay for faster, smooth and safe transactions. In BBPS iServeU offerings like Mobile Bill Payment, Landline Bill, Electricity, Broadband, Water and Gas Bill Payment. For more details visit us:www.iserveu.in/products/ and contact us.

iServeU-A Next Step to Banking Solutions. With the changing technology, there has been advancement in its use too. Many companies have solved the issue related to the banking sector with the help of computer technology. is one among those recognized companies who provide the best banking service. It is a startup registered DIPP certified company with more than five years of experience in providing the best technology solutions. We maintain a good partnership with NBFCs, Banks, Corporate BCs, and FI Players. In order to provide the best solutions towards financial inclusion, iServeU made association with the private banks as well. Major focus of the company is to make our nation financially inclusive and there by contributing to the growth of the nation dynamically. Primary and fastest services that iServeU provides are Cash withdrawal, cash deposit, Aadhaar ATM, Domestic Money Transfer, Insurance services, and lot more. Even though our country is advancing towards “Digital India” but still many remote areas face the issue for accessing online bank payment through computer technology. iServeU has come up with a solution towards it. First and final priority of the company is providing better banking solutions to all the people, especially focusing on rural area that requires change in their banking style. How has Domestic Money Transfer become comfortable in rural areas? With the change in technology, many factors are improving the way we live. Also, many economists have seen the need for mobile banking. In one year, more than fourfold amount gets transferred. It is all because of digital India demand to make online transactions for each purchase. Here is how iServeU has helped in making Domestic Money Transfer easy for you. It is a crucial solution to developing the gap between bank solutions and the masses through a channel that people trust very quickly. It is a medium where people can easily access money to nearby shops. These days, the “Kirana Stores” have access to laptops and smartphones. And thus, to provide financial services, iServeU has made links to many banks for Domestic Money Transfer. Why Domestic Money Transfer Might Change Conventional Banking? Earlier people used to go to the bank for making any transaction. However, time and technology have all changed now. With the improvement in technology, everything is possible with online mode. iServeU provides a way to make an online transaction. Today, we can get every transaction detail online with the necessary facilities with Domestic Money Transfer. How has Aadhaar ATM become a step solution by iServeU? The use of ATMs is prevalent these days, at least from the past 32 years. However, there have been many changes in the model of an ATM. ATMs have helped people to avail instant cash. Yet, rural areas still do not know about it due to a lack of literacy. However, this problem is not anymore with the issue of Aadhaar ATM. Primary goal of iServeU to bring on services to solve the financial inclusion problems. We helped people to make transactions hassle-free that has also become a break in personal banking. It has helped people in cash withdrawal and asking for balance enquiry with fingerprint and Aadhaar Card. Now there are no more banking issues, no requirement for IFSC Code or account number. Your Aadhaar card and fingerprint will help in transactions without any cost. How iServeU made EMI Collection System easy? iServeU EMI Collection System is the solution by providing agents of Financial Inclusion for collecting loans, a tool for tracking, and thus record maintaining. It is the best solution for the recovery of loam for financial services and banking. Banks have been optimally utilizing iServeU resources to bring transparency in. Bharat Bill Payment System (BBPS) – Easiest Way Without Facing Much Hassle BBPS system is easily accessible anywhere and anytime to pay bills. Thus it is convenient for the customers to use this system started by iServeU. We deliver the best and reliable services to the customers such that we can complete the payment within days. It has added an excellent advantage to meet all your needs. Also, you have made the payment; you get a confirmation for it.

 Money transfer in India is now become digitalized, and it is expected to reach $1 trillion by 2023. However, there is a financial gap in India for some areas. 78% of the transactions are still cash-based. brought a solution to this by introducing Domestic Money Transfer in a simpler way that people could trust them. It is a robust way to make transactions at any bank with in a matter of a few minutes. iServeU has made it easy with adding money to wallet and linking the wallet to the bank account. Thus reduces the visit to bank for cash transactions and deposits. It is an OTP based transaction system. iServeU offers 100% security. Aadhaar Enabled Payment System Aadhaar Enabled Payment System is a primary way to get financial services like balance enquiry, cash deposit and withdrawal, and remittance. These services will be available at a low cost in an interoperable way. It has also enabled Aadhaar to Aadhaar fund transferring. Main objective is to empower the customer to use their Aadhaar number to operate their account.= iServeU has played a massive role in this process. They mainly aim to bring the services to deal with financial inclusion in rural areas. It is a way to provide hassle-free banking using Aadhaar Enabled Payment System or ARPS. iServeU makes balance inquiries, cash withdrawal with the help of fingerprint or Aadhaar card easier. IFSC code or an account number need not be remembered but only Aadhaar number has to be. The extra amount has to be paid for this service. It is a reliable and straightforward offering by iServeU because people generally forget their PINs or has to perform hectic banking processes. It is a safe facility provided by iServeU. Micro ATM Micro ATM is a device used by most of the Business Correspondents to have easy access to banks. Instant transactions can be done easily. All the advancement in such things is the technology which has simplified our tasks with time. It has made life easier. It is another way to AEPS for cash withdrawal. iServeU is a very first company of India to develop the tasks performed with Micro ATM. It is the best way to complete the transactions without any charges. iServeU developed this Micro ATM with the mobile application for reading the card ATM device. Working of this is very secure under the processing of National Financial Switch. iServeU developed this device with connectivity through Bluetooth, which helps in pairing this ATM with the tablet or Android phones. Customer needs only an ATM PIN and a debit card to complete its transaction.

iServeU- Digitally Securing Online Transactions. Insurance is considered as a boon for life. It protects a person from financial losses. It is a form of managing risk in your life. Insurance coverage can be for your health as well as the hospital’s bill payments. Insurance is one of the basic essentials for a person because he can claim the re-embracement for money spent on his health for recovery. But many of the companies will not provide the coverage as mentioned by the policy terms. Many times customers have to face a lot of issues and have to work hard to get the amount back. iServeU considers its customers as their first and final priority. Hence it considers health insurance along with cash withdrawal and deposit services. Insurance availing is also made as a simple procedure just to ease the customers. Customers need to provide their tiniest details and mobile number to avail of this insurance offer by iServeU. It has made an association with Kotak Mahindra Bank Ltd. And thus, it became the first company to provide Kotak Life Insurance. Nowadays customers can handle the medical expenses without worrying about its fee. iServeU provides easy insurance of one to two lakhs with the quick claim procedure. Life coverage policy is provided at affordable and attractive prices. Major benefits are covered by the company includes hospitalization Cash, Permanent Disability, and Death. iServeU cares for customer’s health as well as customer’s money and hence ensures for the quick services of insurance and health-related issues. mATM mATM refers to online recharges of DTH, Mobile and Data Card to make post-paid payments. mATM transactions provides many exciting offers as well. mATM is one of the best means of cashless transactions. It has been proved to be a convenient mode to recharge DTH, Mobile, and Data Card. These cards will be directly linked to the account, which helps in keeping a track of the total purchases and spends limited money. Best attraction of this kind of transaction lies in earning unique offering and rewards after every transactions. But the biggest drawback is there are be many cases of fraud traced while making online transactions. Frauds will steal the CVV and PIN of the card. This is one of the reasons why India is not totally digitalized. iServeU cares for customers money and hence resolved the problem by introducing few safety measures and thereby assuring the safe operations. iServeU is equipped with trained set of employees to handle such issues. They also provide the fastest technical transfer services with mATM. Bill Payment Bill Payment is an online facility provided to the customers for paying bills through online. Different utility bill payments include Mobile bill Payments, Electricity Bill Payment, Insurance payments, etc. Online bill payment has increased the comfort zone for the customers. It keeps the information confidential and thereby makes every transaction safe and secure. Money management is also made simple due to its ecological methods. However, payment processors may charge some extra fees for paying the bills online. iServeU has helped in resolving the issues related online bill payment. iServeU knows the importance of every data and hence keeps it confidential and safe. Online payments and online purchases have simplified the shopping process simpler and thereby providing a wide range of collections. iServeU uses advanced encryption algorithms and thereby safeguards its clients from cybercriminals. They have a well-trained set of employees to handle online transaction process and thereby maintaining payments mode of their customers in a secured way.

Helps in ATM Withdrawal with Debit Card   Aadhaar ATM – Provides Aadhaar Enabled Payment System   Cash Deposit   Cash Deposit refers to depositing money in the bank account either by visiting the branch or the nearby ATM. It allows clients for offering cash dumping to the customers those who visit them.   ATM cash deposit is available for 24 hours and seven days. Also, it works on holidays. But the fact is, people cannot avail ATM services everywhere or by sitting at home. For them, iServeU has brought the best solutions for cash deposit with 100% cross-banking money deposit even by easily sitting at home. This service works for every day for 24 hours. Cash deposit at iServeU is with the help of the Domestic Money Transfer service that they provide. Now the customers need not have any fill slips or documents for cash deposit as they do visit a bank. This will also save paper wastage and save the resource of the country. Mobile numbers will work for a customer who wants to transfer money from one bank account to another conveniently.   EMI Collection Software   EMI collection software  is an efficient tool to help the agents of any financial institution to collect EMI loans from the people. Thus it helps to maintain the real-time record of the customers online.   iServeU has successfully implemented this feature for lending money , collection loans, and to maintain records of the people. Due to the use of advanced technology EMI collection and agile methods are made more efficient. This service provided by iServeU has helped many banks and other financial institutions for successful loan recovery. It has helped agents to handle the end to end process for the collection. Also, it has reduced cost for collecting and thus saving your valuable time. It has provided real-time EMI loan collection and brings transparency in their work. The collection of loans by iServeU is through various ways, including online fund transfer, wallets, and banks. iServeU’s contribution is remarkable in the banking sector.   

iServeU has successfully implemented this feature for  lending money  , collection loans, and to maintain records of the people. Due to the use of advanced technology EMI collection and agile methods are made more efficient. This service provided by iServeU has helped many banks and other financial institutions for successful loan recovery. It has helped agents to handle the end to end process for the collection. Also, it has reduced cost for collecting and thus saving your valuable time. It has provided real-time EMI loan collection and brings transparency in their work. The collection of loans by iServeU is through various ways, including online fund transfer, wallets, and banks. iServeU’s contribution is remarkable in the banking sector.

Villagers rejoice the drastic changes in their lives as fintech startup brings banking services to their doorsteps.  Bhubaneswar: In Sundargarh district’s Bisra block, 16-year-old Kesab Munda would cycle around 18 km every day to the nearest ATM to withdraw money from his father’s Jan Dhan account. In his neighboring village, 22-year-old graduate Sukant Soren would go through the same ordeal to get money for the daily needs of his family. Sabita Das, a 55-year-old woman from a village in West Bengal’s Malda district, would walk up to 10 km to  reach her bank’s branch to withdraw her pension money. She would have to stand in a queue, plead bank babu, put thumb impression to get her due. However, all this has changed drastically since the arrival of e-banking services at their doorstep. All thanks to Micro ATM and Aadhaar enabled Payment System services (Aeps) and Aadhaar ATM provided by iServeU.   Kesab now withdraws money from his father’s account from the micro ATM available at the adjacent village, sparing him the arduous weekly 18-km ‘cyclotron. It’s none other than Sukant who is providing banking services in his small grocery shop in the village. The services micro ATM installed at his shop offers a host of convenient services like cash withdrawal and cash deposit, digital payments (from life insurance to electricity), etc.   In her village, Sabita too has found this service at a nearby Kirana shop and is happy that she doesn’t need to go anywhere for withdrawing her widow  pension money. No thumb impressions with blue ink now, all she has to do is a simple finger scan to authenticate the transaction with Aadhaar ATM—   that’s it. This saves her so much time and trouble of going to that far-off bank branch.   This digital empowerment to bring the bottom of the pyramid to the process of financial inclusion has been made possible through iServeU, one of the   most successful fintech startup from eastern Indian, which is providing last-mile financial services like Micro ATM and Aadhaar ATM via Aadhaar  authentication.   This service is nothing but sort of a blessing for people like Sabita. She has a smile on her face now. Also, lakhs of villagers with the Micro ATM and Aadhaar ATM   Facilities are happy now. But this change didn’t happen overnight. It took a great deal of effort on part of iServeU to bring this change in rural India. It aims to provide banking services to people in rural areas where there is a low density of banking services. The company is presently providing financial services such as   cash withdrawal, cash deposit, balance inquiry, insurance, bill payment, etc. in as many as 30,000 villages in the country.   The first company to launch the Micro ATM service in India, iServeU has managed to win the trust of retails, agents, and locals. Today, it has 90,000 plus   retailers have AePS-enabled Aadhaar ATM and 40,000 retailers are using   Micro ATM. From Karnataka to Bihar, from Maharashtra to Gujarat, from Rajasthan to West Bengal, and Odisha, iServeU has successfully expanded.   from Metro to small villages across India. The company is also providing micro-lending facilities to its agent or retailers for business development. This has also given a boost to the business of the small vendors and retailers, who generally find it difficult to get loans through the formal banking system.   

The micro ATM is part of the digital banking platform provided by iServeU which has become a nearer for Mohanty and others in similar far-flung villages across India. Digital Banking The digital banking ecosystem includes among others, the Aadhaar Enabled Payment System (AePS), Aadhaar ATM, Aadhaar Payment, mATM, money transfer to provide banking solutions to people in the remotest places of India. AePS and micro ATMs have now made it possible for the government to include people hitherto with negligible access to banking within the ambit of financial inclusion. Even government benefits through the Pradhan Mantri Jan Dhan Yojana are now accessible through micro ATMs and AePS. AEPS Our AePS provides offers many benefits to Ratan Das, the neighborhood grocer, too. He runs an AePS outlet at his store, provided by iServeU, and provides micro banking services, such as cash withdrawal, cash deposit, among others, to his regular customers for which he earns a decent commission Now, the AePS platform will incorporate several new features, including a mini statement facility to the customers for which retailers can earn good commissions. Ratan Das is happy that now his commissions will increase manifold as a lot of our customers ask for mini statements, which he was unable to provide till now. The mini statement will list the last 10 transactions along with the available balance in the AePS, similar to the statement slip one gets at a regular bank ATM which lists the transactions — including the account balance — with the bank branch or the ATM kiosk. The AePS is also set to become mobile-friendly through an Android App. New features to be included are cashout (move to the bank), Online bank money transfer and Micro ATM. Now, Parasnnatn Pradhan, who also runs an AePS outlet at the far end of the village, will find it relatively easy to transfer his money from the iServeU wallet to his bank account through the Android App at the end of the day. Previously this could be done only through the website. The bottom line: Last but not the least, AEPS, including the cashout facility, is all set to become a 24×7 service, even on holidays, much like banking, which has achieved that standard. Thanks to the online methods, mobile banking, and ATM services have now become an intrinsic feature of regular banking services.

BBPS: Making utility bills and insurance payments a breeze for rural India. Akshay Das is a bit troubled. It is 2 pm and it has been raining non-stop since early morning. Das had to make the trip to the nearest town to make the last-minute monthly electricity bill payment as well as the premium for his life insurance policy. But due to the poor weather, he will have to wait till Monday and, maybe, pay a late fee fine as well which leads to another unnecessary expense. But today evening will be special for him. Shyam Pal, his childhood friend, and the next-door neighbor will introduce him to the concept of digital payments and transactions. It is evening time and Pal finds Das downcast in his home. He listened to his reasons for disappointment and asks Das to fetch the payment details. As Das brings a copy of the bill, Pal takes out his smartphone, and with the press of a few buttons on the touchscreen, makes the payment. Pal forwards the SMS confirmation on his mobile to Das as proof of the payment done. Das is relieved and wants to learn more about the payment system(BBPS). So, what did Pal do? He made the payment on behalf of Das through the Bharat Bill Payment System. BBPS is a centralized bill payment platform that allows consumers to make bill payments of utility services, such as mobile and landline telephones, electricity, gas, DTH, credit cards, and insurance premiums, through an online payment mode, either by self or through agent outlets. The key feature of BBPS: In a nutshell, BBPS connects billers and banks to make a payment towards bills in a seamless and convenient online mode. The online channels include the bank (standing instructions, ATM, quick pay e-bill payment system), third-party payment gateway site (via Internet, mobile, and e-bill payment), and biller website (Internet and mobile). The physical channels include biller outlets, third-party (agent) outlets, and self-help kiosks, where the vendor helps the consumer make the online payment. It seems a bit confusing? Worry not. It’s simple and convenient to operate. Das can either carry a copy of the bill to a BBPS Agent outlet (third party), or himself make the payment through an online mode (Internet, mobile), both through a third-party site, bank website, or biller website.

So, what is DMT? It is a Money transfer service offered by companies such as iServeU, among others to transfer money from one account to another within the country. Let’s take the case of Hemant Soren, for instance. A resident of Jharkhand, he works in a construction project in Odisha’s Kalinga Nagar. Every month, he sends in a large chunk of his salary back home to his parents in Dumka. As a construction site employee, Soren often has to spend time in off-beat locations with poor net connectivity. So, despite being Internet savvy, he cannot transfer the money from his own end because of logistical issues. Once in a while, he visits the iServeU outlet in the nearby town and deposits the money with the domestic money remittance (DMR) agent. The DMR agent transfers the proceeds to the beneficiary’s (Soren’s parents’) account through NEFT or IMPS. The DMT has come as a boon for Soren and other migrant workers. Even daily wage earners in Soren’s construction site find DMT useful. The banks are located far away in the city, and the timings do not suit their daily job hours. Neither can they afford to lose a day’s work to stand in a queue in the bank. The DMT solves all these problems and ensures that they can send the money in real-time to their families. In the evening, the mATM service, which Asit Lal, the local grocer runs near the construction site is busy. Also known as micro ATM, this is a card swipe device, something similar to the PoS credit/debit card swipe machines. But unlike those, mATMs allow for regular ATM services like cash withdrawal and balance enquiry. Lal earns a decent commission for his micro ATM services, and Soren and can withdraw cash without having to go to the bank ATM 20 kms away. Today, facilities like DMT and mATMs have transformed the life of the people in the rural areas and brought them within the ambit of banking in a significant step towards financial inclusion.