Financial Inclusion
Financial Inclusion
Our mission with Manipal Business Solutions has always been to be at the forefront of sustainable financial innovation and a key part of that has and will be Financial Inclusion. Providing access to banking services is an important keystone of the socio-economic development of a country as well as a significant enabler of poverty alleviation & boosting prosperity.
We provide integrated outsourced technology solutions and field services to Financial Institutions to facilitate the Financial Inclusion drive. MBS has been providing a fully functional and certified end-to-end system for enabling authentication/e-KYC & payments on UIDAI-Aadhaar Enabled Payments System (AePS) platform to Financial Institutions. At MBS, we have made use of the combined expertise of the parent company Manipal Technologies Limited along with years of diligent nurturing of our partner network to become a turnkey provider in the rural and suburban banking space
Banking for the Unbanked
Financial Inclusion is considered to be the ante dote to the one of the primary causes of poverty - lack of access to financial services. MBS is one of the most preferred FinTech partners for Financial Inclusion initiative in India.
Individuals and businesses should have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
Setting up brick and mortar branches in small villages was, and is, not financially viable for the Banks. And thus, was born the concept of Financial Inclusion (FI) and Business Correspondent, and MBS was among the early birds in this domain. We reached out to remote hamlets who had never known what a Bank was, opened their Bank accounts, and then serviced them at their doorstep.
FI in its earlier avatar started as a Direct Benefit Transfer (DBT) scheme wherein Govt grants/doles/subsidies and wages were paid through bank accounts. But unlike today, GPRS connectivity and mobile penetration in 2011, especially in rural areas, was scant and thin. Hence, providing offline banking was the need of the hour. A vital building block in this endeavour was developing a standard platform that is cost effective with scale and provide real time authentication, even in remote areas
Business Correspondent Model
The Government aims to increase financial inclusion of the poor by developing appropriate financial products for them and increasing awareness of available financial services and strengthening financial literacy. RBI has initiated several measures to achieve greater financial inclusion, such as engaging business correspondents. The BC model allows banks to provide doorstep delivery of services, especially cash in-cash out transactions, thus addressing the last-mile problem.
In this context, Manipal Business Solutions (MBS) has established a robust nationwide presence, extending even to the Eastern and North-Eastern regions. This achievement is made possible through an extensive Business Correspondent (BC) network that spans across 20,400+ villages. Noteworthy among these accomplishments are the recent accolades of receiving over 8100 Business Correspondent-Sakhi (BC Sakhi) - Prerna awards. These distinctions underscore MBS's commitment to advancing financial inclusion through Self-Help Groups (SHGs) in Uttar Pradesh. Additionally, MBS's significance is highlighted by its selection by the State Bank of India (SBI) to set up 2000 CSP points, further amplifying its capacity to provide comprehensive Business Correspondent Services.
Our Financial Inclusion Offerings
Manipal Business Solutions through our hard work and perseverance have become a leading service provider in the rural banking sector for individuals and businesses
Rural Extension Branches
PCI certified, technology integrated, ultra-thin branches with Rural Branch management at a fraction of the cost in underbanked areas.
Doorstep Banking
With our DoorStep Banking Solution, we have a robust framework to deliver end-to-end services directly to customers at their doorsteps.
Our Key Differentiators
Manipal Business Solutions offers the four key elements to ensure complete success of financial inclusion objective in the country
Distributed Network
Presence in Pan- INDIA India including Eastern & North-Eastern geographies
Secure & Robust Technology Connect
Completely scalable, agile, secure and flexible tech-platform with presence in the entire value-chain
Financial Literacy
Key for success of Financial Inclusion initiative
Operational Excellence
Technology driven operational control for optimization of assets and close monitoring of agents and their activities on the ground