Spanco launches "Bank of India Financial Inclusion" Service

Spanco has launched banking and financial services for rural citizens through its network of Common Service Centers (CSC) in Maharashtra. The first center with this service was rolled out in Vasai and it was inaugurated by deputy zonal manager, Bank of India. The company has planned to roll out this service across 10 districts of Maharashtra where it operates CSC under National eGovernance plan (NeGP) - Thane, Raigad, Pune, Satara, Solapur, Ratnagiri, Sindhudurg, Mumbai, Sangli and Kolhapur. In next phase, this service will be launched in Punjab where Spanco is executing CSCs in 3 divisions.

Earlier, Spanco had signed Memorandum of Understanding with Bank of India, where Spanco will act as a Business Correspondent (BC), providing a range of banking and financial services through its CSC setups under NeGP.

This service is aimed at helping customers in rural areas access banking services such as cash deposits, withdrawals, remittances, loan facilities like Kisan credit card, agricultural loans and other loans like term/fixed deposits and balance enquiries from anywhere in the country on the lines of ATM facilities available to customers in urban areas. The account holder can also receive NSC and KVP certificates, invest in mutual funds and activate different accounts. On completion of the successful initial phase, a full range of banking services is proposed to be launched pan-India subject to receipt of all statutory and regulatory approvals.

Further, Spanco will also roll out services under Business Facilitator (BF) model which will include Authentication of the application for enrollment brought in by the facilitators, Identification of borrowers and fitment of activities, Collection and preliminary processing of loan applications including verification of primary information/data, Creating awareness about savings and other products, Education and advice on managing money and debt counseling, Processing and submission of applications to branches, Post-sanction monitoring, and Follow-up for recovery.

The BC/BF service is an addition to the range of services being delivered through Spanco CSC. Spanco will get paid through every transaction generated from the delivery of the BC/BF service reaching out to unbanked and underbanked population.

Spanco believes that this service will further strengthen its position in Citizen Service Delivery in rural India. Spanco's network of CSCs is a very cost effective way for Banks to reach out to very large rural masses.

The Spanco Ltd. stock was trading at Rs.68.40, up by Rs.0.75 or 1.11%. The stock hit an intraday high of Rs.68.40 and low of Rs.66.40.

The total traded quantity was 621 compared to 2 week average of 2568.

Source : Equity Bulls

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