Bharat Financial Inclusion Limited, one of the largest micro finance companies in India, plans to roll out two lakh kirana points across its network in 16 states of India, in partnership with leading banks. "Kirana Points will eliminate, for rural borrowers, the past insurmountable obstacles like PINs and usher in the most convenient cash-in, cash-out points featuring biometric authentication and friendly neighbourhood guide," Bharat Financial Inclusion Limited CEO and Managing Director M R Rao said. With introduction of Kirana Points, borrowers can visit nearest kirana and merchant stores to make basic financial transactions like repaying loan, depositing money, withdrawing cash, making bill and other payments, he said. Kirana Points will also act as distribution and service centres for products being financed by Bharat Financial Inclusion Limited, helping the Company pursue growth opportunities benefiting all key stakeholders in a rapidly changing financial inclusion environment, he said. The company has five lakh borrowers operating kirana and small merchant stores, and of these, the company would target to convert two lakh stores into Kirana Points, Rao said.

Source: dna June 14, 2017 13:18 UTC