Mahagram Payments launches BharatATM

Mahagram Payments Private Ltd. a mumbai based ‘Fintech’ startup has launched BharatATM, a rural NEO Bank, offering banking services to rural masses through their unique engagement model with local Kirana and other retail stores across the country. The platform engages the local shop and enables it to offer banking, loans, insurance services to the citizens reside in rural villages.

In rural India, where’s there’s no bank branches or ATMs available, people can walk into the Kirana or any retail store near to them and avail the benefits of banking services starting from opening a saving account, recurring deposits, transactions like withdrawing cash or depositing, transferring funds or buying a life or general insurance everything at the same place they buy their essentials.

It allows its customer to open bank accounts at the store by just producing their Aadhaar & PAN Card and doing authentication using eKYC. Customers can also use the Aadhaar Card to withdraw or deposit cash to their bank account in the same store. It also offers its customers to transact using the debit / ATM card of any bank to withdraw money in the same store.