November 26, 2022

Mumbai: Fintech firm Spice Cash on Tuesday stated it has established ATM community with 1 lakh micro-ATMs working throughout rural India.

The very best variety of conventional ATMs put in by any financial institution within the nation presently stands at roughly 60,000, making Spice Cash the quickest rising micro-ATM community within the nation, it stated in a press release, including that it witnesses over 1,000 crore value of transactions on a month-on-month foundation on its micro-ATM community.

Spice Cash, as an organization integrating expertise into the agricultural monetary community, is enabling its ‘adhikaris’ or banking correspondents, next-door kirana shops, stationery outlets or any particular person with entry to web, to equip themselves with the micro-ATMs and provide important banking providers of money withdrawal and deposit to their native communities, it stated. The corporate covers 95% of the agricultural pin codes in India with greater than 7 lakh ‘adhikaris’ on its community.

Sanjeev Kumar, chief government officer, Spice Cash, stated that its mission since its institution has been monetary inclusion of the agricultural inhabitants, thereby, bringing in higher monetary freedom to end-users in addition to the agricultural entrepreneurs, ‘adhikaris’.

“As of March-end 2021, India had simply 2.39 lakh ATMs for a inhabitants of over 1.3 billion. This quantity establishes the inadequacy of the ATM infrastructure in our nation to deal with the wants of the semi-urban and rural financial system that’s rising on the again of direct profit transfers via Jan Dhan accounts. The ATM community in these elements has, in lots of instances, witnessed a de-growth, inflicting the cash-heavy financial system to wrestle with low entry to digital monetary providers,” stated Kumar.

Earlier this 12 months, Spice Cash launched an initiative providing the corporate’s micro-ATM gadgets at efficient zero value to additional speed up its imaginative and prescient of monetary inclusion and encourage ‘adhikaris’ to change into part of constructing an in depth ATM community.

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