Importance of Financial Inclusion in India

 For those living in urban regions of India, banking services are easily accessible. However, to a large portion of the Indian population, banking service is still inaccessible. And the reasons for this are many. As a result, they are not able to get benefits of the latest schemes. For a developing country like India, challenges of financial inclusion may hinder its economic development.

With the help of several fintech companies, efforts are being made to reach out to the areas where people are underbanked or unbanked to promote and increase financial inclusion in the country.

To understand this in detail, let’s break down the importance of financial inclusion:

• Enables people to save
  
  Banks incentivize saving money in the bank by providing yearly interest on your savings. This is beneficial for many because not only do they save a part of their income for future use, but they also get an interest paid to them for doing so.
  
  
• Empowers people to use financial services
  
  The idea behind promoting financial inclusion is to make financial products and services accessible to underbanked and unbanked people. Simplified banking services like Aadhaar enabled cash withdrawal and money transfer services provide people with the ability and tools to save and manage their money without having to rely on anyone.
  
  
  
• Drives economic growth
  
  When people are in better control of their money and can make the best decision for themselves, they drive economic growth because now they have the power to invest and start their own business. They are also able to take part in micro-financing schemes.

Financial inclusion helps people and the nation in many ways. In order to promote financial inclusion, reputed fintech companies have set up domestic money transfer distributor in different rural and remote regions so that banking services can be made accessible to unbanked and underbanked people.

Things to Know About Hospital Cash Insurance Plan

 Nowadays, the treatment costs for any sickness or disease can easily go out of the budget due to the growing inflation in the healthcare field. Health insurance plans play a crucial part in such conditions. Many health insurance policies help people to take care of the medical costs after being hospitalized. But, incidental costs may not be included in the health insurance plans. Here, the hospital cash insurance policy can provide support for an everyday emergency by giving a fixed sum for every day until people are hospitalized.

Here is why people should go for hospital cash insurance:

Amount released on a daily basis

It is not a cashless health insurance plan, and the sum that is given to the client is lump-sum or on daily basis. One needs to choose the cash amount while purchasing health insurance. It is the most affordable policy that offers 3 types of insured benefits, including permanent disability, hospitalization cash, and death cover.

Double cash benefit

The hospicash plan comes with an additional or double cash benefit for the client in case of ICU confirmation. Considering the fact that the ICU expenses are much higher, the health insurers double the daily amount.

Manage extra hospital bills

The hospital cash policy allows people to manage and take care of the extra expenses that are not included in the comprehensive insurance policy. Also, it will aid in managing any additional costs that one might face during hospitalization.

Hospital Cash Insurance Plan – Key features

· Easy claim process

· 3 insured advantages in one policy

· Life insurance of 1 to 2 lakhs

· Affordable life cover

· Higher margin structure

The policy is helpful for the daily wage workers, labourers, and underbanked people in India who cannot afford health insurance policies. These people can get daily cash benefit in health insurance by visiting a BC agent outlet. The plan will provide people with peace of mind as they do not need to worry about the funds in case of hospitalization and medical emergencies.

 

All You Need to Know About the Services Offered by iServeU

iServeU Technology Pvt Ltd is a DIPP certified FinTech company. iServeU is registered under the Start-up India program by the Government of India. It is also supported by NSTDEB and pledges to make India a financial inclusive society. It is the only financial inclusion solution provider that is fully micro-services enabled and designed on latest technology. Following are the services offered by iServeU:

Cash Deposits

Unlike bank branches and CDMs, iServeU has its own cash deposit solution. This enables merchants and partners to offer cash deposit services to their customers. Also, these services are real-time and available round-the-clock. One can avail these services even on holidays.

Cash Withdrawal

One does not have to visit their bank or ATM to withdraw cash. With iServeU, one can easily withdraw cash anywhere through their Aadhaar number linked to their bank account. Other than this, they can also check their available balance anytime. This is a great initiative especially in rural and semi-urban where people finding ATMs and bank branches is quite hassle some.

Insurance

Life insurance rate is still below 3% in India. Thus, it is important to bring awareness about the benefits of life insurance. And in order to reach the majority of people, iServeU has come up with some innovative insurance services in association with Kotak Mahindra Bank Ltd (Kotak Life).

Lending

iServeU’s lending platform is a digital-junction of lender and borrower. As of October 2019, iServeU has disbursed loan worth $ 12.5 Cr through its platform.

E-toll Collection

With iServeU, one can pay highway tolls digitally through Radio Frequency Identification (RFID) Technology. FASTag from iServeU allows you to pass through toll booths on national highways that accept cashless toll payments.

These are all the services offered by iServeU. You can get more information regarding these services at iServeU Bhubaneshwar (headquarters). You can also visit iServeU Bangalore, Kolkata, Chennai, Hyderabad, and Secunderabad. 

Everything You Need to Know About Aadhaar Enabled Payment System (AEPS)

 Although the banking system has broadened over time, there are still some places where it has not reached. These places are mostly remote areas where setting up a bank branch or financial agency is, somewhat, difficult. To take banking services to these areas, Aadhaar Enables Payment System (AEPS) has been introduced.

What is Aadhaar Enabled Payment System?

Aadhaar Enabled Payment System or AEPS is developed by National Payment Corporation of India. The purpose of this system is to help Aadhaar cardholders, especially those living in rural areas, get easy access to banking services. AEPS can be used for a cash deposit, cash withdrawal, balance enquiry, Aadhaar to Aadhaar money transfer, and get a mini statement of the bank account.

AEPS is a secure way to carry out banking transactions as people just have to give their Aadhaar number which gets verified using their biometric at the point of sale. This system does not require Aadhaar cardholders to disclose their bank account number, IFSC code, or any other detail.  

Steps to Use AEPS

If your bank account is linked with your Aadhaar card, transactions like money withdrawal and cash deposit become very easy with the help of AEPS. Here are a few simple steps to follow:

• Go to the nearest business correspondent, irrespective of the fact that the correspondent is from the bank you have an account in or from any other bank.
• The correspondent will ask you to feed the 12-digit Aadhaar number in the point of sale machine.
• After you have entered your Aadhaar number in the machine, it will ask you to select the transaction type and the bank name.
• After this, you will be required to enter the amount of transaction and authenticate the transaction using your fingerprint.
• After the transaction is verified, it will get processed within seconds and you will get a receipt for the same from the banking correspondent.

Lately, to perform banking transactions, best aeps portal of these services, whether a company or a bank, make sure that the bank account holder is able to conduct transactions smoothly.

Things to Know About Domestic Fund Transfer

Domestic money transfer refers to the transfer of funds from one bank or branch to another branch or bank within a country. Earlier, the process of money transfer was difficult and troublesome, especially for daily wage workers, migrant laborer's, and unbanked people in India. They used to stand in long queues several hours to wait for their turns to send or deposit money. Often, migrant workers did not get time to fulfil their cash deposit or money transfer needs during office hours of banks. Today, with several domestic money transfer services, the whole procedure of money transfers or cash deposits has become easier and instant.

The process

It is a simple process as customers need to visit an authorized outlet and deposit cash through their technology-driven agents. These simplified money transferring services work in non-banking hours, during holidays, and even on festive occasions. People do not need to visit CDMs, bank branch, and wait for hours to transfer money.  

Why it is helpful for labourers and migrant workers?

There has always been constant migration of individuals in search of livelihood. Most of these people are unacquainted about technology to deposit or send money through online banking. So, visiting banks becomes the only choice for them to fulfil their cash deposit and money transfer needs. As they have to work on a daily basis as contract laborer's or workers, they cannot afford to take out some time from work and wait for long hours in queues of banks for fund transfer or cash deposit. Also, some of these migrant workers do not have any bank account. DMT services are intended to resolve the issues related to money transfer and cash deposits in the country for these daily wage workers. Using these services, now they can send money to their hometown very easily and instantly.

Benefits

· Safe and secure mode of transactions

· Available 24X7, even on holidays

· Many banks available on the platform

· Automatic refund

· SMS alerts on every transaction

So, these domestic fund transfer services in India are empowering daily wage workers and migrant laborer's to use these services and experience flawless transactions. IServeU Technology Pvt Ltd has partnered with major banks and retailers in iServeU bangalore, iServeU bhubaneswar to provide financial services like instant money transfer online, Aadhaar enabled payment system, and micro-lending for businesses.