36,000 cash withdrawals worth INR 7 crore within 60 days achieved during the lockdown
Bengaluru, 26th June 2020 : Dvara KGFS, a leading NBFC in India, with a mission to maximise the financial well-being of every individual and every enterprise by providing complete access to financial services in remote rural India, announced transactions worth INR 7 crore achieved since 19th April, 2020 through its Aadhar Enabled Payment System (AEPS) which was implemented in the remote rural areas that they operate in.
Since the lockdown from 24th March 2020, the villagers, especially living in the remote rural areas were greatly encumbered to draw cash for daily use as there was scarce or no access to banks or ATMs. Looking at this challenge, Dvara KGFS initiated AEPS and rolled it out from 19th April 2020 to benefit the rural population that they cater to. This service was also made available at the door step of customers right on time as the government was transferring wages under MNREGA scheme & relief under COVID package directly to the Jan Dhan account of rural women. Started as a pilot in one branch on 19th April in partnership with RBL Bank, this has now scaled to 300 branches with a steady 1000+ daily cash withdrawals amounting to INR 25 – 30 lakhs per day.
Practising absolute safety and social distancing norms, more than 1000 wealth managers of Dvara KGFS, spread extensive awareness and acquainted the villagers with AEPS with the help of respective village heads and was able to facilitate over 36,000 cash withdrawals & 60,000 balance enquiries through this platform.
Commenting on the success of AEPS, Mr. Joby C. O., CEO, Dvara KGFS, said, “Since lockdown and the announcement of Loan Moratorium by RBI, there has been limited activities across our branches on the loan disbursements & collections front & we have used this opportunity to reach out to our customers and support them to tide over the current situation. We are happy that we were able to provide AEPS service to around 45,000 villagers and facilitate a gross cash withdrawal of more than 7 Crores through our 300 odd branches in such a short span of time. Our Wealth Managers have received a lot of appreciation from the villagers on facilitating this service and we are seeing this as an effective tool which will help us move closer towards our mission of maximising financial well-being for every individual in remote rural India.”
About Dvara KGFS –
Dvara KGFS, a systematically important NBFC in the Dvara Group regulated by RBI, works with a mission to maximise the financial well-being of every individual and every enterprise by providing complete access to financial services in remote rural India. Dvara KGFS has a strong presence in Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh, Jharkhand and Odisha, spread across 48 Districts with 297 branches and more than 1 million enrolled customers.