FINO’s Smart Card Covers Over 10 Lakh Customers In 2 Years
02 May 2008 | Print
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Financial Information Network & Operations Ltd (FINO) — a multi-bank promoted company providing smart-card based multi-application solutions to the unbanked — has within two years of its existence enrolled over 10 lakh customers to use its services.
The Mumbai-based company is targeting to enrol at least 10 lakh customers every quarter from now on, such that no village or family would remain financially excluded, eventually. FINO’s biometric smart card has ushered in ‘the next big revolution’ in the rural banking and finance sector, says its Chief Financial Officer and President, Mr Rishi Gupta.
In an interview over phone to Business Line, Mr Gupta said the company was working with the Andhra Pradesh Government in five different districts. “The National Rural Employment Guarantee Act (NREGA) guarantees employment for the unemployed in the rural areas for 100 days in a year through works such as building roads, improving water supply and works that are necessary to improve the infrastructure in rural areas.
“Before we came into the picture, the payment of wages to these workers was either through banks or post office accounts and the disbursements invariably would take at least two weeks. We have resolved this by collecting the job card details from the Gram Panchayat or Mandal and issuing the biometric smart card to the persons enrolled under the NREGA scheme.
“Once the Gram Panchayat furnishes the wage-due details, it is uploaded on to the machine. Besides shortening the waiting time by a week, the smart card enables the card holder to withdraw cash by swiping the card and without waiting in long queues at the bank or post office counters,” he explained.
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