Mahagram’s BharatATM is introducing banking to India’s rural areas
Mahagram, a Mumbai-based fintech firm, introduced the BharatATM platform in October 2020. To provide banking services in rural areas, it has enlisted the help of kiranas and other retail outlets around the country.
Customers may open bank accounts in-store by presenting their Aadhaar and PAN cards and completing E-KYC authentication. Customers may use their Aadhaar cards to withdraw or deposit money into their bank accounts.
Customers may also use any bank’s debit/ATM card to withdraw money from the same retailer utilizing the platform.
As a rural bank, BharatATM claims to give a ‘recurring deposit’ program that enables housewives, the elderly, and even youths to begin saving on a daily, weekly, monthly, or quarterly basis.
It gives 11 per cent annual returns on recurring deposits, according to BharatATM, which is the most in the market. For the scheme, BharatATM has partnered with private lenders.The company claims to have approximately 7 lakh touch points across India, including 20,000 card-accepting portable terminals (wireless ATMs) said, Ram Shriram, CEO, Mahagram, and Founder, BharatATM.
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