Rural India: Adarsh Credit Co-op’s digital push

In line with PM Narendra Modi’s dream of creating a digital India, Rajasthan headquartered Adarsh Credit Co-op has taken a mega step and tied up with Oxigen Services, India’s leading payment solutions provider- thereby securing more than 2 lakh retail points at one stroke.

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 help realize Adarsh Credit’s vision of financial inclusion, read a press release by the Credit Co-op.

On the part of Oxigen, it 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 opening through E – KYC, banking services like AEPS cash-in/out, cashless bharat bill payment services, and recharges.

Speaking on this tie-up, Rahul Modi of the credit co-op 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 gain access to financial services,“, he underlined.

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, 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.

Adarsh Credit Co-operative Society 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.