Introduction
According to statistics, AISECT FI has about 7800 kiosks operating in rural, semi-urban and urban areas.
Financial inclusion is generally the process of providing access to financial services and products required by people in underserved groups at affordable and low cost. It can also be considered the availability and equality of opportunities for businesses and individuals to access fiscal services. It is a process through which one can access appropriate, affordable and timely financial products and services like loans, banking, equity and so on.
Comprehending the opportunity
According to the data of RBI, the Financial Inclusion Index (FI) rose to 60.1% (March-April) from 56.4% due to an improvement in quality dimensions and usage.
Kiosk banking is a project of RBI (Reserve Bank of India) for the promotion of financial inclusion and security in rural and remote regions where access to banking is quite difficult due to the lower penetration of banking services in these regions. Financial inclusion is the process of the provision of banking and financial services to individuals at an affordable rate. It aims to bring everyone in society under a single financial roof by the provision of basic financial services, regardless of their income or status.
The primary focus of financial inclusion is providing financial solutions for the people who are economically marginalised. The term is also used to describe the offering of savings and loan services to the poor in an affordable and easy-to-use form. Its primary objective can also be considered to assist those who are marginalised and poor. This is done to get the most value from their funds and get the financial education and awareness they require. With the advancements in the field of electronic transactions and financial technology, more and more organisations are assisting the government in the field of financial inclusion.
Kiosk banking is crucial for ensuring the security of finances for every citizen within the country, regardless of their identity and status. This is extremely crucial for those who cannot visit the bank due to a lack of banking penetration in their area of residence. Instead, banks come to these regions to complete transactions, accept credits and allow access to these facilities for low-income populations.
Kiosks are generally tiny booths with internet connections which are located in rural areas with staff to assist consumers with basic banking services. All major banks across all areas, including private, public and cooperative have kiosks for consumers. The services that are offered are basically withdrawals, deposits, and remittances among others. The highlights of Kiosk Banking are as follows:
- A kiosk bank offers services which include opening accounts, withdrawing and deposits of cash, transferring branches of banks in other countries and more. The ability to check account information is also feasible.
- Kiosks can also be found in urban areas as part of ATMs. Urban kiosks are mechanical devices which are supervised by security personnel while allowing self-operations.
- The underprivileged can also get a BSBD account which is an account with zero balance having other advantages that are only available to low-income groups of remote regions.
Why AISECT FI?
According to statistics, AISECT FI is responsible for the creation of 1.03cr bank accounts so far with a balance of 450 crores.
For strengthening the roots of our country, AISECT Financial Inclusion can be considered an initiative which aims to provide easy loan and savings options and additional banking options at a low price to the unbanked and disadvantaged population as well as every segment of Indian society.
Financial inclusion offers banking services at an affordable cost to a large segment of the disadvantaged and poor. Since, banking services are, actually, a public good, providing banking and payment services to all citizens without discrimination is one of the most important development goals for any country.
With this particular vision along with the comprehension of the requirement for financial inclusion across the country and the fact that AISECT is a partner offering synergistic services through AISECT Multi-purpose ICT centres located mainly in rural areas, Financial Inclusion or FI was added to the range of services provided by AISECT in 2009, in collaboration with State Bank of India, with the following goal:
- • To offer a plethora of financial services to the underserved sections of society, including savings and credit along with other services which are financial in nature. It is done in an efficient manner, especially in areas that are not banked or not tapped with the concept of financial inclusion.
- • The goal is also to ensure a greater degree of financial inclusion and expand the reach of the bank in accordance with the need to significantly expand the share of the market in semi-urban and rural areas.
- •AISECT FI’s goal is also ensuring greater financial inclusion and expanding the reach of the bank in tandem with the requirement to significantly expand market share in rural and semi-urban areas.
Business Setup and Operations
To open your banking kiosk with AISECT FI, one has to follow the mentioned steps:
- Step 1: You have to visit https://www.aisectonline.com/
- Step 2: From the upper-hand bar, select “Kiosk” and click on “Registration”
- Step 3: From the Kiosk registration page, click on the ‘Please Select’ dropdown menu and then select ‘Banking Kiosk FI’
- Step 4: Add in all the necessary details and then submit.
- Step 5: You can check the current status of your kiosk from the same upper-hand bar by clicking on ‘ Kiosk Request status’.
Conclusion
In conclusion, embarking on your entrepreneurial journey as a banking kiosk owner with AISECT FI offers a compelling opportunity to contribute to the vital aspect of financial inclusion in urban, semi-urban and rural areas across India. With the growing importance of expanding access to financial services while promoting equality of opportunities, the kiosk banking initiative by AISECT FI which collaborates with different banks is responsible for playing a vital role in bridging the gap for those who lack access to banking services that are traditional in nature. By following the registration steps outlined, you can also become a part of this mission to enhance financial inclusion for the underserved population. So, take the first step today and become a key player in this vital endeavour.
