Adarsh Credit partners with Oxigen Services to provide financial inclusion to 1L villages

ANI | Updated: Oct 23, 2017 12:09 IST

New Delhi [India], Oct. 23 (ANI-NewsVoir): Adarsh Credit, India's largest credit co-operative society signed an agreement with Oxigen Services, India's leading payment solutions provider. Adarsh Credit decided to use Oxigen's existing retail network of 200,000 retail points, who will become business correspondents of Adarsh Credit.

Through this tie up, these retailers will have access to all the products of Adarsh Credit like fixed deposits (FD), recurring deposits (RD), share capital, loans and various other financial services for their own use as well as their customer's use and will enable Adarsh Credit's vision of financial inclusion.

Oxigen aims to appoint Adarsh Credit's active base of 100,000 advisors across India, who will become BC Agents of Oxigen to offer services like paperless bank account opening through E - KYC, banking services like AEPS cash-in/out, cashless bharat bill payment services and recharges.

"This tie up will be a game changer in the financial landscape of rural India. With Oxigen's Micro ATM, Adarsh Credit will reach its 2020 target of acquiring 100,000 new villages that will become financially inclusive. Adarsh Credit, being a pioneer in the co-operative space, with 100 percent of its business through a digital framework, will now be able to provide its advisors with Oxigen's Micro ATM services, eKYC, virtual Rupay Card, AEPS, value added services and more," said Rahul Modi, MD and CEO, Adarsh Credit Co-operative Society.

"This strategic partnership is a big step towards driving digital payments, through its single largest deployment of 100,000 Oxigen Micro ATMs within 1 year, to serve people in Rural and Sub Urban India. This association would benefit nearly 1.8 million Adarsh members, availing financial services and cashless payments, propelling the Nation's financial inclusion agenda," added Pramod Saxena, CMD, Oxigen Services.

Currently, Adarsh Credit Co-Operative Society, owns a core transaction platform (license buy with SAP) and without being a bank, has 809 branches, 3,00,000 advisors, of which 100,000 are active transacting advisors, servicing 18 lakh members. These members subscribe to shares of Adarsh and put deposits at better rates.

This strategic tie-up is in line with P.M Modi's directive for digitizing the nation and promoting financial inclusion using Aadhaar and other digital modes. Adarsh Credit through its 100 percent digital business is providing financial services in the rural masses and promoting the usage of digital money.

Prior to this agreement, Oxigen was engaged with Adarsh Credit Cooperative Society for supporting Mobile/DTH Recharges and wallet top-up to Adarsh customers through their mobile money application, Adarsh Money. (ANI-NewsVoir)