In today's fast-paced world, financial transactions have become more accessible and convenient than ever before. This is especially true for those living in urban areas, where banks and ATMs are readily available.
Paridhi Bichchhal works as a Content Marketer at BANKIT. She is actively engaged in researching industry related topics and writing and editing blogs.
In the bustling landscape of modern India, where cities thrive and technology races ahead, a silent revolution is taking place in the rural and unbanked areas of the country. Meet the unsung heroes of this transformation of rural India - the BANKIT Agents. These individuals are not just local shop owners; they are change-makers, offering a lifeline to their communities.
Picture a world where technology is changing everything quickly, like how your smartphone gets upgraded every year. Well, one of the things that technology is shaking up big time is the world of finance and insurance, and it's doing it faster than ever before. This exciting change is happening thanks to the new emerging space called "Fintech," which is a short-term for Financial Technology.
In a significant move towards financial inclusion, we are thrilled to announce our recent partnership with LIC and SBI General Insurance as a corporate insurance agent bearing IRDA license no. CA0837. This collaboration is set to revolutionize the insurance landscape for rural India. At BANKIT, we provide digital banking, financial, and payment services to unbanked and underserved populations across the nation. Through our local shop owners, known as BANKIT Agents, we are taking a giant step towards making insurance accessible and affordable for every individual, especially those residing in rural areas.
Financial inclusion is the access that people have to financial services, such as banking, payments, and credit. It is important for economic growth and development, as it allows people to save money, invest in their businesses, and protect themselves from financial shocks.
Imagine for a moment the people who mean the most to you: your loved ones, your family. You've worked hard to provide for them and ensure their well-being. But have you ever wondered what would happen to them if something were to happen to you unexpectedly? This is where life insurance comes in, offering a valuable financial safety net for your loved ones during challenging times.
In today's world, where people are always on the go, finding time to visit a bank branch to withdraw cash can be difficult. This is especially true for people who live in rural areas, where ATMs are often few and far between.
AePS, short for Aadhaar-enabled Payment System, is a wonderful innovation that brings the convenience of banking services to the doorsteps of millions of people in India. It's a digital payment system that allows individuals to carry out banking transactions using their Aadhaar number and fingerprint authentication.
The lives of people in India have been truly transformed by the Digital India Campaign. This campaign has harnessed the power of technology and digital connections to bring about a positive impact on the lives of people, particularly in rural areas.
Though launched in April 2016, UPI gained popularity much later in the year. What I believe is, demonetization in 2016, is what brought UPI to every threshold. The entire process of standing in long queues, depositing, and withdrawing cash from their bank accounts made people lean toward the FinTech innovation.