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

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

GUWAHATI, Assam, Sept. 30, 2022 /PRNewswire/ — Manipal Business Solutions (MBS), one of India’s leading and most trusted Fintech company, has been accelerating the fintech revolution by driving financial inclusion, offering banking services to the last mile, spreading financial awareness through literacy drives, and making rural India money smart. Further extending banking services in the rural hinterland of Assam, MBS has partnered with Assam Rural Infrastructure and Agricultural Services Society (ARIAS) to deepen financial inclusion in the region, and the grant signing ceremony was held in Guwahati on 29th September 2022 in presence of, Smt. Roshni Aparanji Korati, IAS, State Project Director, ARIAS Society.

Rural citizens are currently traveling miles to deposit a cheque or simply withdraw cash 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, withdrawal, and micro pensions to farmers, landless agriculture laborers, tenant farmers, and sharecroppers in the rural regions of Assam.

Under this collaboration, MBS will enable the digitalization of the dairy value chain in focused districts of Assam. The company will also offer specially customized financial services to dairy farmers associated with Dairy Co-operative Societies (DCS) in the dairy value chain.

MBS will work closely with the leading financial intuitions to offer tailor-made products such as cattle loans, livestock insurance, personal loans, savings and investment services, payments, etc. for dairy farmers. These financial services will be delivered through the Dairy Cooperative Societies (DCS), and FPOs at the village level to reduce credit and transaction costs.

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

“MBS in its objective of digitizing the dairy value chain will reach out to more than 1 lakh dairy farmers in Assam. Thereby aiming to digitize 1000+ Crore dairy payments annually,” he further added

With a wide network of Banking Correspondents, Bharat-specific financial solutions, and association with leading banks, MBS has been already serving the rural population in Assam, and with this collaboration, the company will further identify, train, appoint and expand the network of banking correspondents across the state to provide banking services to the unbanked population in the most convenient way.

ARIAS Society came into existence in November 1998, as an autonomous body under the Government of Assam (GoA). ARIAS Society has set up the ‘Assam Challenge Fund for Innovative Finance in Agriculture (ACFIFA) to support innovative approaches and deliver financial services at scale for farmers, the Farmer Producer Organization scheme (FPOs), and associated entities.

The ACFIFA has been named Assam AgriFin Xamahar and its objective is to support the scaling-up of tested innovations by financial service providers like banks, microfinancing institutions, value chain financiers, insurance companies, and payments service providers.

About Manipal Business Solutions Private Limited (MBS)

Manipal Business Solutions Private Limited (MBS) is a fully owned subsidiary of Manipal Technologies Limited (MTL). MBS is one of the leading FinTech players in the country and the most preferred partner for ‘Rural Unified Banking Services; commonly known as the Financial Inclusion initiative in India. It provides end-to-end Integrated technology solutions and has a presence in the entire value chain for these initiatives including customer-facing business correspondents.

MBS has been at the forefront of providing Banking and Digital payment services in 90,000 villages in India serving over 2.3Cr population with their technology. With its evolved portfolio of integrated solutions and proven track record of smoothly executing large-scale turnkey projects, MBS is today a symbol of reliability, security, and trustworthiness for all its customers.

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