In order to extend banking services in the rural areas of Assam, Manipal Business Solutions (MBS), one of India’s leading fintech companies, has partnered with Assam Rural Infrastructure and Agricultural Services Society (ARIAS) to deepen financial inclusion in the region. MBS offers fintech solutions by driving financial inclusion, spreading financial literacy, and making rural India money smart.
Currently, people in rural areas travel big distances to deposit a check or simply withdraw money from their bank accounts. MBS will go the extra mile and provide financial services including savings, deposits, withdrawals and micro pensions to farmers, landless agricultural labourers, tenant farmers, and sharecroppers in the rural areas of Assam in order to address the access difficulty and close the urban-rural divide.
MBS will make it possible for the dairy value chain to go digital in the state’s targeted districts as part of this agreement. Additionally, it will provide dairy farmers connected to Dairy Cooperative Societies (DCS) in the dairy value chain with customised financial services.
MBS will collaborate closely with the top financial institutions to provide dairy farmers with customised solutions such as loans for cattle, insurance for livestock, personal loans, savings accounts, and investment services. In order to lower loan and transaction costs, these financial services will be provided through farmer-producer organisations (FPOs) and dairy cooperative societies at the village level.
Underlining the collaboration, Kamaljeet Rastogi, CEO, Manipal Business Solutions said, “The Assam AgriFin- Xamahar programme from the ARIAS Society and the Assam government is remarkable. The MBS team is incredibly honoured to facilitate this programme and change the state’s financial landscape. We will make sure that the financial services reach Assamese communities that are underserved thanks to our experience promoting financial inclusion and our wide network of banking correspondents. Our objective is to enable the unbanked and integrate them into the rural Indian financial environment.”
“More than one lakh dairy farmers in Assam would be contacted by MBS in order to achieve its goal of digitising the dairy value chain. hence intending to digitise more than 1000 crore dairy payments each year,” he added.
MBS has been serving the rural population in Assam with a large network of banking correspondents, rural India-specific financial solutions, and associations with top banks. With this partnership, the company will further identify, train, appoint, and expand the network of banking correspondents across the state to provide banking services to the unbanked population in the most practical manner.
In November 1998, the ARIAS Society was established as a separate entity by the Assam Government (GoA). The Assam Challenge Fund for New Finance in Agriculture (ACFIFA) was established by the ARIAS Society to develop innovative methods and provide financial services to farmers, FPOs, and related entities on a large scale.
The objective of ACFIFA, named Assam AgriFin Xamahar, is to assist financial service providers like banks, microfinance organisations, value chain financiers, insurance companies, and payment service providers in scaling up tested ideas.
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