Srei to roll out WLAs in rural India
Srei Infrastructure Finance Limited, one of India's leading infrastructure financial institutions, has been authorised by the RBI to set-up, own and operate White Label ATMs (WLAs) with effect from Mar 25
Under this Certificate of Authorisation, Srei has been permitted to set up a minimum of 9,000 WLAs in the next three years in the rural India.
Srei will leverage its over 27,000 IT enabled Common Service Centres (CSCs) which are already in operation by Village Level Entrepreneurs (VLEs) through its Venture initiative, Sahaj e-Village Limited.
These 27,000 CSCs in the six states of Assam, Bihar, Odisha, Tamil Nadu, Uttar Pradesh and West Bengal cover an approximate population of 280 million.
Initially a pilot roll out of 200 WLAs in Tier 3, Tier 4 and Tier 5 townswill be done in the next six to eight months before scaling up.
Through these WLAs, Srei will be able to take financial products and services of the sponsor bank to the door step of the rural population.
These services will include cash deposit, financing, remittances and investment products, in addition to handling cash dispensation.
Commenting on the development, J. Moses Harding, Group CEO, Liability and Treasury Management, Srei Infrastructure Finance Limited, says, "This initiative provides scope to expand Srei's presence in the financial services sector across semi-urban and rural India in Tier 3 to Tier 6 locations as add-on to its current initiatives through Sahaj's foot-print under the GOI sponsored 'Common Service Centres'."
(Posted on 27-03-2014)