FSS, CSB bank plans 1,000 Smart Cash franchisees in rural areas

Chennai: FSS (Financial Software and Systems), leading provider of integrated payment products, on Thursday announced plans to open 1,000 Smart Cash franchisees in semi-urban and rural areas, by tying up with private sector CSB bank.

"Under the aegis of this partnership, CSB bank and FSS plan to open 1,000 Smart Cash franchisees in semi-urban and rural areas across India to expand financial services adoption among underserved segments," a company statement said.

Modelled on a branch-in-a-box service concept, Smart Cash franchisees equipped with a kiosk or a micro-ATM device, would offer banking, investment, credit and insurance products to target segments. The Smart Cash franchisees would function as a one-stop shop for products offered by CSB Bank as well as third party partner products -- utility payments and domestic money transfers.

Powered by FSS eFinclusiv (AePS) at the backend, Smart Cash franchisees would extend interoperable banking services to customers of any bank. Customers, irrespective of the bank, can walk into any smart cash franchisee to access services--using bio-metric verification and a social ID card linked to a bank account.

"For three decades, FSS has been at the forefront of India's digital revolution by developing payments infrastructure that connects people to financial services at scale. We are delighted to partner with CSB bank to further scale access to mainstream financial tools and products, empowering under-banked customers," FSS president V Balasubramanian said.

According to CSB Bank, Head-Retail Banking, Narendra Dixit, an approximate 800 million Indians primarily live in a cash economy, and equitable access to digital financial services can bring prodigious benefits to people, businesses and the economy.