For the convenience of rural customers, Fino Payments Bank drives usage of local cash in local economy

Amidst coronavirus outbreak and nationwide lockdown, Fino Payments Bank has been mobilizing its field force in rural areas to provide hassle free banking services to customers.

As per Government and RBI directives, banking is an essential service and needs to be made available for customers through branches, ATMs, BC outlets and CSPs. 

In this context, Fino Payments Bank, with its vast network of around 2 lakh banking points across the country is leading from the front. With close to 80% of its network present in rural areas, Fino’s outlets are critical in providing banking services, including Direct Benefit Transfer (DBT) payments, to customers in rural markets.

Fino Payments Bank in a statement said, “Cash is a very flexible and convenient form of payment. Rural India is largely cash driven economy. People prefer to do cash transactions as most of them may lack the confidence to manage digital transactions or just may not see the need. It is therefore important for cash to be made available. To ensure that local essential service vendors can deposit end of day cash in their Fino accounts at a nearby Fino banking point, including Bharat Petroleum (BPCL) outlets. Our banking points are present in almost all villages where customers can withdraw cash to make purchases thereby helping local cash remain in the local economy. This rotation of cash cycle is beneficial for everyone in the village and it also helps avoid unnecessary travel for one’s own safety in the present lockdown situation.”

To motivate and drive Fino customers deposit cash at merchant points, the bank is waiving off deposit charges, where applicable, for a period of one month starting 1 April, 2020. The move is aimed at ensuring a healthy cash flow within a micro market.

Additionally, to facilitate hassle free services, Fino has issued authorization letters and identity cards to branch staff, merchants and business correspondent (BC) agents as advised by law enforcement agencies (police). This allows outlets to operate for the convenience of customers. As per need, door step banking services are also made available especially to old customers and pensioners. In short, Fino brings bank closer to customers’ homes!

While providing banking services, Fino is also continuously educating its merchants, field staff and customers on the need for social distancing, hygiene (washing hands or using sanitizer while coming inside the banking outlet premise), cleaning micro ATM and mPOS devices after each transaction, wearing masks, etc. Videos and images are regularly posted in various languages on social media platforms to create awareness and for the benefit of merchants and customers.  

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