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FINO PayTech to cover 10 Dist for NREGS

Raipur, February 07, 2013: FINO PayTech, the largest business correspondent network operator and banking technology service provider would provide its service in ten districts of Chhattisgarh in distribution of NREGS wages, the company officials said here today.

"FINO PayTech is extending its services of NREGA payments mechanism to 10 districts of Chhattisgarh, thereby benefiting a larger population of over 25 lakhs," Vice President, Products and Solutioning, Mujahid Ahsan told reporters here.

FINO PayTech had been working in Chhattisgarh since 2006, disbursing NREGA payments, starting with Dhamtari and later adding Kawardha, Rajnandgaon districts, he said adding the new districts to be covered are Bijapur, Kondagaon, Bastar, Korea, Raigarh, Janjgir-Champa and Mahasamund.

"Our tech enabled last mile delivery mechanism has proved its efficiency that led us to getting the mandate of making NREGA payments in 7 more districts," Ahsan said.

With that the company announced today to expand its presence and operations in Chhattisgarh soon, he added.

Branchless banking by BC (business correspondent) agents provides great convenience to poor, rural masses as it bring banking services closer to their doorsteps, Ahsan said.

Firstly, beneficiaries have bank accounts and access to financial services through biometric enabled smart cards. Secondly, agent is a local hence they need not visit a bank located far away and thirdly, it is tech driven making the transaction process easy, convenient, transparent and cost effective, he explained.

"Most importantly it plugs leakages as the right beneficiary gets the right amount," the FINO official said.

In addition to NREGA payments, FINO PayTech also provides access to a range of products to micro customers such as savings, loans, insurance, NPS and pension payments, he added.

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