In India, banking correspondents play a vital role in enhancing financial inclusion by connecting underserved populations with essential banking services. By crossing the gap between traditional banks and individuals in rural and semi-urban areas, they offer access to necessary financial resources. They accomplish this by utilizing technology and local networks by offering a diverse range of services, including savings accounts, credit, remittances, and social security schemes, they are transforming the country’s financial landscape. This article showcases a selection of prominent banking correspondent companies that are driving meaningful change and expanding access to financial services across the nation.
SAVE Solutions
SAVE Solutions Pvt. Ltd. Is a banking correspondent (BC) platform with a network of around 14,000 + Customer Service Points across 28 states & 6 UTs, catering to a customer base of 21+ million rural Indians. Having embarked upon its journey in 2009, SAVE has successfully established its BC business with a trade volume of over Rs 49,000 crore in FY22-23. As a Holding company, SAVE Solutions offers a portfolio of financial products through its 4 subsidiaries:
SAVE Financial Services Pvt. Ltd. (NBFC-MSME)
SAVE Microfinance Pvt. Ltd. (NBFC-MFI)
SAVE Housing Finance Ltd. (NBFC-HFC)
SaGgraha Management Services Pvt. Ltd. (Lending BC)’
Zero Mass Pvt. Ltd.
Zero Mass Pvt. Ltd. (ZMPL), formerly Zero Microfinance & Savings Support Pvt. Ltd., is a leading Business Correspondent (BC) operator in India, working to promote financial inclusion by providing essential banking services to underprivileged and unbanked populations in rural and remote areas. In the year 2007, ZMPL was a National Level BC for the State Bank of India (SBI), who got the customers and facilitated the transactions through the “Bank-in-a-Box” model which is a creative form of network enrichment. Together, through their network of over 15 million basic savings accounts, ZMPL enables its customers to avail of domestic remittances, Aadhar-enabled payment (AEPS) transactions, and debit card services of all banks available in India. At present, remittance transactions with a Gross Transaction Value (GTV) of more than ₹4000 crores are processed by ZMPL on a monthly basis.
C-DOT
The Center for Development of Telematics (C-DOT), which has been operating since the year 1984 as an autonomous R&D center under the DoT (Department of Telecommunications) has been very significant in establishing India’s homeland Telecom technology. C-DOT, with a background of more than 30 years, has successfully developed communication technologies specifically tailored for India’s exigencies, especially in rural areas as well as aiding in the digitization of the Indian telecom network. The know-how sharing scheme has, furthermore, built a telecom manufacturing ecosystem. As a CMMI Level 5 institution, C-DOT has maintained its footing in relevant areas such as 5G, AI, IoT, and network security. There is also their recent involvement in the government initiatives of Digital India, BharatNet, and Smart Cities.
Eko India Financial Services Pvt. Ltd.
Eko India Financial Services Pvt. Ltd. is a leading fintech company that specializes in financing and technology. The firm is unique because financial inclusion, which they have pursued through efficient and technology-driven banking solutions, is the main value. Eko offers over 100 banking services such as money transfers, bill payments, and cash deposits through a network of 150,000 merchants via USSD, web-based processes, and app platforms. Alongside open APIs to partners, Eko serves and allows more than 50 million individuals to conduct secure transactions monthly. Eko as a brand also plays an important role in the achievement of the Indian government’s ambitious project, Digital India, where they make the economy run without the help of cash.
BASIX Sub-K iTransactions Limited
BASIX Sub-K iTransactions Limited is a digital financial intermediary dedicated to enhancing financial inclusion by providing affordable, accessible, and scalable financial and payment services to the base of the pyramid (BoP) segment. By effectively leveraging technology and local entrepreneurship, Sub-K bridges the gap between banks and the unbanked or underbanked populations, creating a high-tech, high-touch operating infrastructure at the last mile. The company offers a diverse range of services, including savings, credit, remittances, insurance, and both government-to-consumer (G2C) and business-to-consumer (B2C) payments, acting as a channel partner for formal financial institutions. Backed by reputable impact investors such as the BASIX social group, Michael & Susan Dell Foundation, and Accion International, Sub-K is uniquely positioned to partner with various financial institutions, including banks, NBFCs, and insurance companies, to meet the diverse needs of its customers and promote a financially inclusive society
