The BharatATM app introduces rural India to the new-age digital banking services. 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. BharatATM has already had a network of 3.5lakhs touch points across the country including 20,000 wireless ATMs. The app has also initiated “investment & lending” for small shopkeepers at a 10% rate of return on savings and low-interest loans. Mr. Ram Shriram, Founder, Bharat ATM in discussion with CXOToday shares his insights on the same.
Q1. What sort of knowledge do you possess about working with Kirana stores?
I believe kirana stores are the most traditional form of stores in India, I think starting to work with them is the best decision for me. They are mainly small family-owned businesses. The kirana shops play a big part in the Indian economy. Considering they hold over 75% of the country’s retail market. Many rural people went to kirana stores to borrow money rather than take money from ATMs. So Bharat atm’s team had the idea to transform traditional kirana stores into banks and to help poor and needy people with financial and banking services through neighborhood shops owned and managed by the residents. The process was intimidating at first, but we felt confident that it would be worth it in the end. And today We have serviced over 20 Lakh plus customers to avail banking service with 30% of customers repeat rate. During the process, I learned how to work as a team and manage the business more efficiently.
Q2.How challenging it is for Bharat ATM to go from hundreds to millions of users.
The road to success is never an easy one but for Bharat ATM, It was especially tough. We went from hundreds of customers to millions. Since its establishment in December 2020, Bharat ATM has grown to encompass 17 states, focusing on the western, northern, and northeastern states and many more along the way. The country has billions of people and a growing economy, yet it’s also home to the world’s largest population of people living in rural areas with no access to banking services. Bharat ATM offers a solution to this massive challenge by providing access to financial inclusion services through self-operated kiranas in rural areas, educating the population about banking, and assisting them in understanding the necessity of banking.
Q3.How Bharat ATM raises awareness among the masses and emphasizes the importance of rural banking service.
Bharat ATM has played a very important role in raising awareness of rural banks among the public. Because it acted as an agent of rural development, encouraging people to adopt a supportive environment and making farmers and other rural residents aware of modern technology and different approaches to expanding their income. We raised awareness among the masses by providing an app that enables retail customers to open bank accounts at nearby shops by creating Aadhar card and Pan card authorizations using fast E-KYC technology. Without wasting time, convenience, and money, the BharatATM app represents providing simple banking services to the rural people of India. Also, since its inception, it has recognized over 14,645 PIN codes with a GTV (Gross Transaction Value) of Rs. 2,000 CRS.
Q4.How has Bharat ATM gone about turning kirana shops into banks and expanding financial inclusion?
Bharat ATM has taken a unique approach to expanding financial inclusion and turn kirana stores into banks. Their mission is to bring banking to rural areas, and they do this by creating an ecosystem of technology solutions that enable kirana stores to offer banking services. This includes offering digital finances through mobile banking and even applying for loans with many other services that reduce costs and provide services to customers in their own language. 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. And Bharat ATM’s commitment to providing banking to all has helped bring financial stability and prosperity to people who need it most.
Q5.How does the Bharat ATM let more than 20 lakh people access banking services?
Bharat ATM is a revolutionary rural banking system that enables over twenty hundred thousand people to access banking services. Bharat ATM includes a unique focus on supplying banking offerings to rural areas through their residential kirana shop anywhere the people would not experience hesitation when it comes to doing their banking. As a result, they understand the owner of the store and have faith. With the help of Bharat ATM, people understand the suitable method of saving money. Otherwise, they have to visit} miles for their banking desires but with Bharat Atm, they will visit their kirana stores. To become a part of Bharat ATM people do now no longer need the piles of files simply one aadhar card could work wonders for them. In fact, women are now also capable of having their personal private bank accounts in which they might keep their personal cash in their nearby kirana stores. This initiative of Bharat ATM facilitates women to turn out to be independent and have financial literacy which also helps the future generation of rural banking. Bharat ATM acts as an agent for 20 lakhs of people and has the obligation to make rural areas independent and smart.
Q.6 How Bharat ATM Is Shaping The Financial Services Ecosystem In Rural India?
The bharatATM platform was launched by Mahagram in October 2020. Bharat ATM has a strong focus on providing customer-centric solutions and a safe and secure environment for its customers. Bharat ATM has a team of highly skilled and experienced professionals who are constantly innovating and developing new ideas and services. Bharat ATM has over 4.5 lakh small merchants which are covering 14,645 pin codes. Further our loan and insurance service process is quick and easy. All it takes is a few minutes to complete the form and upload the documents. As I said The app allows their retail customers to open a bank account at the neighborhood stores by giving 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.
