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Spice Money And NSDL Payments Bank Join Forces to Transform Rural Banking In India

Spice Money will leverage its Adhikari network to open zero-balance accounts for rural citizens, uplifting them with secure financial services

Spice Money And NSDL Payments Bank Join Forces to Transform Rural Banking In India
Sanjeev Kumar, co-founder, executive director and CEO, Spice Money
POSTED ON October 10, 2023 5:32 PM

Spice Money (a subsidiary of DiGiSPICE Technologies) announced its partnership with NSDL Payments Bank, in its effort to make a significant impact in rural India by enabling the opening of zero-balance accounts.  

The company said that it aims to offer essential banking services in rural parts of the country after the partnership. It will empower people in rural areas. With the convenience of zero balance accounts, more individuals in rural India will be able to participate in formal banking systems and unlock the potential for better financial stability and opportunities.   

In the course of this partnership, the company will utilise its extensive 12.7 lahks Adhikari network to streamline the onboarding process. Equipping Adhikaris with NSDL Payments Bank’s instant kits is available at their touchpoints, where rural citizens can go and open a zero balance savings account instantly. Through the local touch points, customers will be able to receive personalized assistance and guidance throughout the process, even in remote regions with limited banking infrastructure. This localised approach will foster trust and familiarity, encouraging more people to embrace formal banking channels confidently. Customers will also receive an Instant Debit Card upon opening their accounts, which will further enhance the convenience for rural consumers. This service will allow them to immediately access their funds and conduct transactions, making day-to-day financial activities more efficient and empowering them to participate in the broader economy with greater ease, the statement added. 

Speaking on the partnership, Sanjeev Kumar, co-founder, executive director, and CEO at Spice Money, said, "By collectively supporting the government's vision of financial inclusion, we aspire to build a more equitable and prosperous India, where every individual can fully participate in the country's economic journey.” 

A spokesperson from NSDL Payments Bank said, "We aim to introduce cutting-edge and customer-centric banking experiences by leveraging the extensive network of 1.27 million nanopreneurs of Spice Money also called Spice Money Adhikaris.”   

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