The BharatATM app introduces rural India to the new-age digital banking services.
Launched by Mahagram in December 2020, the app offers various banking services to the rural masses across India. Working as a boon for the rural, the customers can now avail of numerous e-Banking services at their nearest. The platform converts the local Kirana stores into banks enabling them to offer banking, loans, and insurance services to the villagers. The Fintech start-up has onboarded 4.5 lakhs small merchants covering 14,645 pin codes with a GTV (Gross Transaction Value) of Rs. 2,000 CRS since its inception.
Digital banking services aren’t just limited to the urban sections of India, but, it is now possible for the rural people to take all the banking advantages at their convenience. All thanks to BharatATM, a leading NEO banking application offering comprehensive services to small merchants and customers. They tie-up with the local Kirana stores, therefore, curbing the time & money which people invested for traveling to the closest bank branch residing in the rural regions.
Without any extra charges or fees, customers can now go to their local stores to deposit cash, withdraw cash, and even apply for loans with many other services that too with a touch of local language and local support. This really helps the local store owners with many things. The app allows their retail customers to open a bank account at the neighborhood stores by producing their Aadhar Card & Pan Card authentication using rapid E-KYC techniques. Without losing their time, comfort & money, the BharatATM app stands for providing easy banking services to the rural population of India.
Not only the E-Banking services, but BharatATM has somewhere infused a sense of self-confidence within the villagers to go to retail stores & ask them to open their bank accounts without any hesitation that wasn’t the case earlier. The consumer just needs to download the app and create and account. After completion of the KYC, the user can avail services of BharatATM.
Till date, BharatATM has embarked to aid 20 Lakh plus customers to avail banking service with 30% of customers repeat rate. The app has also initiated “investment & lending” proposals for small shopkeepers at a 10% rate of return on savings and low-interest loans against their savings for their smooth business operations. With its huge impact, BharatATM has already had a network of 3.5lakhs touchpoints across the country including 20,000 wireless ATMs.
Reflecting the needs of rural consumers, Mr. Ram Shriram, Founder, Mahagram, says that, “not only the small merchants but the BharatATM also stresses on the needs of housewives, senior citizens & even teenagers by offering to them its unique “Recurring Deposit Program” with the highest return of 10% per annum”.
Further adding to this, he said, “looking forward to the rapid growth of BharatATM app since its inception and the increasing number of our rural consumers, we are planning to add 2 million retail stores by the end of 2022 and raising USD 10 Million in the next quarter to scale up our business operations”.
BharatATM is a rural banking platform launched by Mahagram in October 2020 it offers banking services to rural masses through its unique engagement model with local Kirana and other retail stores across the country. The platform engages the local shop and enables it to offer banking, loans, insurance services to the citizens resides in rural villages.
BharatATM has made it very easy for its customer to avail the solution to their banking needs by visiting the nearest Kirana stores rather than spending time and money traveling 50-70km away from their house to the closest bank branch or ATM.