INCLUSION
About
AISECT’s financial inclusion scheme aims to provide accessible and low-cost banking services, including savings and loan options, to individuals who are financially disadvantaged or lack access to traditional banking.
In 2006, the Government of India drafted a Financial Inclusion policy. As banking services are considered a public good, the policy aims to ensure that all citizens have access to banking services without discrimination. The policy was given to the Reserve Bank of India for implementation, with the goal of utilising individuals or organisations such as NGOs or companies, as well as educated unemployed youth, to establish customer service points in under-served areas and provide banking services to the local population.
In 2006, the Government of India drafted a Financial Inclusion policy. As banking services are considered a public good, the policy aims to ensure that all citizens have access to banking services without discrimination. The policy was given to the Reserve Bank of India for implementation, with the goal of utilising individuals or organisations such as NGOs or companies, as well as educated unemployed youth, to establish customer service points in under-served areas and provide banking services to the local population.
Philosophy
AISECT’s philosophy is based on the Business Correspondent model, which believes in utilising institutional agents, organisations, and other entities to assist banks in providing financial services in locations that are not near bank branches. This philosophy lets us expand the reach of financial services to under-served areas, and to empower local agents to play an active role in supporting the banking system.
Mission
To expand our offerings in rural and semi-urban areas. Additionally, as technology becomes more prevalent in rural India, increase our efforts to broaden the range of services available.
Vision
To bridge the social and technological divide between rural and urban India by creating a network of sustainable enterprises through village level entrepreneurs.
Key Initiatives
We’ve implemented a successful Financial Inclusion model to address the pressing need for financial access in rural areas by providing a variety of services through our ICT-enabled centers.
In 2009, AISECT collaborated with the State Bank of India (SBI) to bring banking services to under-served areas in Madhya Pradesh, Chhattisgarh and other states. Their efforts in the realm of Financial Inclusion were widely recognized and praised. Since then, AISECT has become the National Business Correspondent for several other banks such as Bank of India (BOI) in 2011, Bank of Baroda (2015), Central Bank of India (2021), Canara Bank (2021), Airtel Payment Bank (2018), Union Bank of India (2022) and Circle Bc of Madhyanchal Gramin Bank for the state of Madhya Pradesh.
In 2009, AISECT collaborated with the State Bank of India (SBI) to bring banking services to under-served areas in Madhya Pradesh, Chhattisgarh and other states. Their efforts in the realm of Financial Inclusion were widely recognized and praised. Since then, AISECT has become the National Business Correspondent for several other banks such as Bank of India (BOI) in 2011, Bank of Baroda (2015), Central Bank of India (2021), Canara Bank (2021), Airtel Payment Bank (2018), Union Bank of India (2022) and Circle Bc of Madhyanchal Gramin Bank for the state of Madhya Pradesh.
Impact Numbers
7300+
working kiosks out of which around 90% kiosks are located in rural/semi urban areas
2700+
bank branches linked with kiosks
1 Crore+
bank accounts with a cumulative balance of Rs. 2129 Crores
66000
Crore worth transactions completed
Rs.14,000 to 15,000
average Commission earned by CSPs per month
2645
average balance per account
300 Cr
commission earned by Kiosks since inception of FI initiatives. Out of this, 52 Crores were earned in the fiscal year 2021-22.
1 Crore+
bank accounts with a cumulative balance of Rs. 2129 Crores
2645
average balance per account
300 Cr
commission earned by Kiosks since inception of FI initiatives. Out of this, 52 Crores were earned in the fiscal year 2021-22.
Partners
Awards
Success Stories
Sanjeev Narwaria ji is a resident of Tehsil Bijawar, District Chhatarpur (M.P.). In the year 2014, he opened an AISECT-SBI Kiosk. There are more than 30 rural areas around the kiosk taking advantage of this kiosk. So far, he has opened more than 30 thousand bank accounts and enrolled more than 213 Atal Pension Yojana (APY). Sanjeev's monthly income from the kiosk is more than ₹32,000/-. He explains in detail about the Social Security Schemes of the Government to the customers, and has installed a TV in the kiosk, through which information about all the schemes is provided. He is very happy to work with AISECT. Sanjeev is also providing employment to 3 other people through his kiosk.
Sanjeev Narvariya
M.P. (CSP Code 32812680)
Lokendra Suman is a resident of village Pandola, Tehsil Baroda, District Sheopur (M.P.). A population of more than 22000 in the surrounding area is taking advantage of his kiosks. He has opened more than 9000 bank accounts so far, of which more than 40% are women. In the month of August 2022, he enrolled more than 213 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) of customers. Lokendra comes from a farmer's family and his family's income was less than ideal. During his studies he came to know about the SBI AISECT Kiosk and started it in August 2013. Today his income is more than ₹40000 and his wife also runs a sub-kiosk together as well, both helping their family.
Lokendra Suman
M.P. (CSP Code 32811757)
Kiran Kumari ji, is a resident of village Meral, District Garhwa, Jharkhand. She is a housewife and her husband used to run a Mobile shop from which his income was ₹30 thousand. He was the sole breadwinner. He signed a contract with AISECT for an SBI Kiosk in 2015. The area around them is very rural, economically weak and comprises labourers and farmers who are getting the benefit of kiosk banking facilities today. Kiran has opened more than 10 thousand bank accounts so far and is one of the highest commission earners (₹70 thousand rupees). Today, Kiran is a financially independent woman and helps her family. Today, she has a respected place in society.
Kiran Kumari
Jharkhand (CSP Code 1A730644)
Verticals
Financial Inclusion & Banking Services
AISECT operates as a National Business Correspondent for 7 nationalized banks, two one regional rural bank and one Payment Bank under the financial inclusion scheme. Its banking kiosks offer various services under government programs such as the Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and Atal Pension Yojana. The organization is also involved in e-Governance initiatives, such as serving as a UID Permanent Enrollment Center, establishing 27 Lok Seva Kendras at the block level in Madhya Pradesh and managing 114 e-Mitras in five districts of Rajasthan.
Insurance Services
The Insurance Division of AISECT is a multifaceted provider of insurance services within the AISECT group. We are certified by the insurance regulator IRDA and offer comprehensive insurance solutions for individuals, groups, and institutions across all segments, including agricultural products. Our offerings include life, general, health, and agricultural insurance and we tailor policies to meet the specific needs of our clients. We work with leading insurance companies, including government-sponsored organisations.
Online G2C & B2C Services
Through its network, AISECT also provides B2C services such as mobile and DTH recharge, downloading and submitting examination forms, booking railway tickets, data entry operations, and online visa application services. AISECT is dedicated to empowering India through its innovative and pioneering products and solutions.
RFID & Fastag Services
AISECT partners with banks across the country to enable RFID and Fastag services for local payment solutions as well as highway tolls. We have also partnered with the State Bank of India to roll out its Electronic Toll Collection Project across 370 toll plazas on the national highway.
Scope Campus
NH-12, Near Misrod
Hoshangabad Road,
Bhopal – 462047, India
Administrative Office Enquiry
Phone: 07552700401 , 07552700447
E-mail: info@aisectfi.com
Want to start your own
AISECT Banking Kiosk