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Manipal Business Solutions Collaborates with Assam Rural Infrastructure and Agricultural Services Society (ARIAS) to Accelerate Financial Inclusion in Assam

  • MBS to enable financial inclusion and income growth for women in the dairy value chain.

GUWAHATI, Assam, September 30, 2022 /PRNewswire/ — Manipal Business Solutions (MBS), one of india the leading and most trusted Fintech company, has accelerated the fintech revolution by driving financial inclusion, providing last mile banking services, raising financial awareness through literacy campaigns and making rural areas India smart money. To further expand banking services in Assam’s rural hinterland, MBS has partnered with the Assam Rural Infrastructure and Agricultural Services Society (ARIAS) to deepen financial inclusion in the region, and the Ceremony of grant signing was held in Guwahati on September 29, 2022 in the presence of, Smt. Roshni Aparanji Korati, IAS, State Project Manager, ARIAS Society.

Rural citizens currently travel miles to deposit a check or simply withdraw money from their bank account. To address this challenge and bridge the urban-rural divide, MBS will reach the last mile and offer financial services such as savings, deposits, withdrawals and micro-pensions to farmers, landless farm workers, sharecroppers and sharecroppers in rural Assam.

As part of this collaboration, MBS will enable the digitization of the dairy value chain in targeted districts of Assam. The company will also offer specially tailored financial services to dairy farmers associated with Dairy Cooperative Societies (DCS) in the dairy value chain.

MBS will work closely with leading financial insights to delivermade products such as cattle loans, cattle insurance, personal loans, savings and investment services, payments, etc. for dairy farmers. These financial services will be provided through Dairy Cooperative Societies (DCS) and OPAs at the village level to reduce credit and transaction costs.

Speaking on occasion, Kamaljet RastogiCEO, Manipal Business Solutions said, “The Assam AgriFin–Xamahar is an excellent initiative of ARIAS Corporation and the Government of Assam. The MBS team is extremely honored to be a facilitator of this program and to transform the financial landscape of the state. Our expertise in driving financial inclusion combined with an extensive network of correspondent banking will ensure that financial services reach underserved communities in Assam.Our goal is to empower the unbanked and include them in the Bharat’s financial ecosystem”

“MBS, in its aim of digitizing the dairy value chain, will reach over 1 million dairy farmers in Assam. Thus aims to digitize over 1,000 crore of dairy payments annually.,he further added

With an extensive network of correspondent banks, Bharat-specific financial solutions and association with leading banks, MBS already serves the rural population of Assam and through this collaboration the company will identify, train, appoint and expand further the network of correspondent banks across the state to provide banking services to the unbanked population in the most convenient manner.

ARIAS was founded in November 1998as an autonomous body under the Government of Assam (GoA). ARIAS has set up the ‘Assam Challenge Fund for Innovative Finance in Agriculture (ACFIFA) to support innovative approaches and provide large-scale financial services to farmers, Farmer Producer Organizations (FPO) program and associated entities .

ACFIFA has been named Assam AgriFin Xamahar and its objective is to support the scaling up of innovations tested by financial service providers such as banks, microfinance institutions, value chain financiers, insurance and payment service providers.

About Manipal Business Solutions Private Limited (MBS)

Manipal Business Solutions Private Limited (MBS) is a wholly owned subsidiary of Manipal Technologies Limited (MTL). MBS is one of the main FinTech players in the country and the preferred partner for Rural Unified Banking; commonly referred to as the financial inclusion initiative in India. It provides end-to-end integrated technology solutions and is present across the entire value chain of these initiatives, including sales correspondents in direct contact with customers.

MBS has been at the forefront of bringing digital banking and payment services to 90,000 villages in India serving over 2.3Cr population with their technology. With its evolved portfolio of integrated solutions and its proven track record in the smooth execution of large-scale turnkey projects, MBS is today a symbol of reliability, security and confidence for all its customers.

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Asif Khan
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SOURCE Manipal Business Solutions