(MENAFNEditorial) New Delhi, India
Adarsh Credit, India's largest credit co-operative society has signed an agreement with Oxigen Services, India's leading payment solutions provider. Adarsh Credit has decided to use Oxigen's existing retail network of 200,000 retail points, who will become business correspondents of Adarsh Credit. Through this tie up, these retailers will have access to all the products of Adarsh Credit like fixed deposits (FD), recurring deposits (RD), share capital, loans and various other financial services for their own use as well as their customer's use and will enable Adarsh Credit's vision of financial inclusion.
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From L-R: Mr. Sunil Kulkarni, Joint MD, Oxigen Services ; Mr. Rahul Modi, MD & CEO ; Adarsh Credit Co-operative Society Ltd.; Mr. Pramod Saxena, CMD, Oxigen Services and Mr. Sameer Modi, Mobility Head, Adarsh Credit Co-operative Society Ltd.
Through this tie up, Oxigen aims to appoint Adarsh Credit's active base of 100,000 advisors across India, who will become BC Agents of Oxigen to offer services like paperless bank account openingthrough E - KYC, banking services like AEPS cash-in/out, cashless bharat bill payment services and recharges.
Speaking on this tie-up, Mr. Rahul Modi, MD & CEO, Adarsh Credit Co-operative Society said, 'This tie up will be a game changer in the financial landscape of rural India. With Oxigen's Micro ATM, Adarsh Credit will reach its 2020 target of acquiring 100,000 new villages that will become financially inclusive. Adarsh Credit, being a pioneer in the co-operative space, with 100% of its business through a digital framework, will now be able to provide its advisors with Oxigen's Micro ATM services, eKYC, virtual Rupay Card, AEPS, value added services and more.
On the tie up, Mr. Pramod Saxena, CMD, Oxigen Services said, 'This strategic partnership is a big step towards driving digital payments, through its single largest deployment of 100,000 Oxigen Micro ATMs within 1 year, to serve people in Rural and Sub Urban India. This association would benefit nearly 1.8 million Adarsh members, availing financial services and cashless payments, propelling the Nation's financial inclusion agenda.
Currently, Adarsh Credit Co-Operative Society, owns a core transaction platform (license buy with SAP) and without being a bank, has 809 branches, 3,00,000 advisors, of which 100,000 are active transacting advisors, servicing 18 lakh members. These members subscribe to shares of Adarsh and put deposits at better rates.
This strategic tie-up is in line with P.M Modi's directive for digitizing the nation and promoting financial inclusion using Aadhaar and other digital modes. Adarsh Credit through its 100 % digital business is providing financial services in the rural masses and promoting the usage of digital money.
Prior to this agreement, Oxigen was engaged with Adarsh Credit Cooperative Society for supporting Mobile/DTH Recharges and wallet top-up to Adarsh customers through their mobile money application, Adarsh Money.
About Adarsh Credit Co-operative society Limited ()
Adarsh Credit Co-operative Society Ltd. in every sense, is a truly credit co-operative society. Adarsh started its operations in the year 1999 as a co-operative society primarily catering to the local masses in Rajasthan who came majorly from agricultural background. With a mission to uplift the weaker sections of the society from the rural areas of the country, Adarsh never shies away from exploring and embracing the latest techniques and technologies. Owing to this fearless approach, we are now the only credit co-operative society in India, which has launched its own mobile application, Adarsh Money, accounting for over 99% of our business transactions.
In February 2008, we received the status of Multi-State Co-operative Society by the Ministry of Agriculture, Government of India. Adarsh boasts of having mutual status, which means we are owned by and run for the benefit of our members. Be it the branch network, advisor strength or deposit procurement, Adarsh is second to none in the credit co-operative sector. We take pride in powering India's co-operative movement by ‘financial inclusion' with more than 800 branches, 1.7 million members, 3 lakh advisors.
In recent developments, Adarsh associated with leading banks to provide services like RTGS, NEFT and UPI to the members for transferring funds. It has connected all its branches through Real Time Technology. Adarsh also tied up with a leading bank to provide NACH facility (driven by NPCI) for their RD product. Adarsh then launched its Mobile Money Application, becoming the first credit co-operative society in India to provide such facility.For security audit purposes, online scrutiny of all the financial transactions is done by a highly qualified team.
About Oxigen Services India Pvt. Ltd. ()
Oxigen's focus is to grow its footprint, to serve the last mile by providing Aadhaar enabled branchless banking services, micro payments services and remittances, in a ‘real time' environment and is India's Largest Payments Solutions Provider.
Oxigen's proprietary technology is used to provide Payment Processing Services, through its flagship product, Oxigen Micro ATM, Oxigen provides branchless banking services integrated with Aadhaar to facilitate AEPS (Cash In/Cash Out), Bank Transfers, eKYC, and merchant payment services with NFC (Tap Pay), Card Payments (Rupay, Visa, Master Card), Bharat QR, UPI, Aadhaar Pay Cash @ PoS using Cards.
Traditional services include Recharges for Telecom, Internet data and DTH Prepaid, Postpaid Recharges, Money Transfer, Travel (IRCTC Railways/Airlines/Bus) Tickets, Movie Tickets, Utility Bill Payments, Gaming, Music & Movie downloads & more, via its network of 200,000 retailers who, in turn, provide these services to end customers.
Oxigen is also a National Business Correspondent to SBI and RBL bank with over 20,000 BC agents.
Oxigen also has a Mobile Money Wallet, branded as Oxigen Wallet ('OW) and is a Prepaid Payment Instruments ('PPI) license holder issued by RBI. With RBL, Oxigen wallet offers a card for Corporate reimbursements, and provides Loyalty solutions to companies like FuturePay.It has 3 million users now.
Today, Oxigen boasts of a 150-million customer base and a retail footprint of over 2,00,000 outlets. Till date, Oxigen has processed over 6 billion transactions, with an existing volume of 600 million transactions per annum. Oxigen services are device agnostic and available through a point of sale device 'MicroATM, website and mobile App.
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