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Fino Payments Bank gets included in the Uttar Pradesh’s MGNREGA bank list to receive and disburse payments

Fino Payments Bank, the fintech bank for rural India, has been included in the state’s Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) bank list to receive and disburse funds to beneficiaries of the scheme.

Fino, a schedule commercial bank, has already been included in the MGNREGA lists across many other states, Uttar Pradesh (UP) being the latest.

In the state, the scheme is prevalent across 75 districts covering 59178 gram panchayats having over 3.30 crore workers, as per MGNREGA website.

Fino Bank, with its wide banking network of voer 50,000 merchant points across the state’s rural areas, intends to bring the convenience of near doorstep disbursal of direct benefit transfer (DBT) funds to the beneficiaries.

Commenting on the development, Darpan Anand, Senior Divisional Head (North), Fino Payments Bank said, “We provide banking services in under banked areas where beneficiaries of various DBT schemes, including MGNREGA reside and work. Being included in the MGNREGA list allows beneficiaries to open new accounts with eKYC and get the scheme funds directly into their Fino accounts. Beneficiaries can withdraw cash from the convenience of their neighbourhood where Fino’s banking points are present. We are grateful to the authorities for giving us this opportunity to extend our banking services and improve the quality of life of the DBT beneficiaries in the state.”

Merchants, the Fino banking points, are the neighbourhood stores such as kirana stores, medical stores, dairy outlets, mobile repair shops and also Bharat Petroleum (BPCL) outlets that are always open and available. Most importantly, merchants are familiar to the local people and are friendly with them that lead to customer trust.

In the state of UP, Fino Payments Bank has also been working on a Government project to on board 10,000 BC (banking correspondent) Sakhis in rural areas to improve banking access.

BC Sakhis and Fino merchant points offer great comfort and convenience as people can open new bank accounts, get instant debit card, do deposits, withdrawals, remittance, AEPS, Micro ATM transactions and access third party offerings such as insurance, gold loan sourcing.

Customers can also pay utility bills like electricity, broadband, mobile as well as pay for mobile and DTH recharges. Importantly, any bank’s customer can visit Fino outlets and do banking. Banking has never been this easy.

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