Bharat Financial facilitates over Rs100cr transactions in 5000 villages

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

May 11, 2020 04:05 IST India Infoline News Service

Bharat Financial Inclusion
Bharat Financial Inclusion Ltd. (BFIL) announced that it has facilitated over Rs100cr financial transactions through its wide network of Rural Distribution Service Points (RDSP) in Karnataka, Odisha, Maharashtra and Bihar. Over 4 lakh beneficiaries availed direct transfer of funds through Bharat Money Stores. BFIL is the 100% subsidiary of IndusInd Bank.

These RDSPs, also known as ‘Bharat Money Store’ 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 merchant store to make basic financial transactions like repaying loans, depositing money, withdrawing cash, making utility and other kinds of bill payments.        

Bharat Money Stores are actively supporting Government’s efforts at encouraging the usage of the Direct Benefit Transfer (DBT) model by enabling withdrawal at their neighborhood shop for over 4 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 5000 villages, thereby impacting the lives of 3.5 lakh people in addition to the 4 lakh DBT beneficiaries.

“At BFIL, it has been our constant endeavor to nurture and support livelihoods across over 1,20,000 villages. Bharat Money Store as a concept has ushered in the most convenient cash-in, cash-out points in rural areas which is coupled with a friendly neighbourhood guide, who caters to the customer’s financial needs,” Ritesh Chatterjee, Head, Bharat Money Store said.

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