Bharat ATM to launch 20 lakh outlets in rural areas by next year

By Sanjay Maurya

News Highlights

Bharat ATM expects to add over 20 lakh outlets by the end of the year.
Bharat ATM announced in a statement that it has assisted over 20 lakh retail clients with their banking needs.
The platform allows retail consumers to register bank accounts at their local store by just presenting their Aadhaar and PAN cards and undergoing e-KYC authentication.

Bharat ATM to launch 20 lakh outlets in rural areas by next year

On July 7th, Bharat ATM, a rural banking network that provides banking services to small businesses and clients through its assisted banking app, said that it aims to add over 20 lakh outlets by the end of the year. It currently has 4.5 lakh, small retailers, onboard, covering 14,645 PIN codes. Bharat ATM announced in a statement that it has assisted over 20 lakh retail clients with their banking needs.

In partnership with local Kirana stores, the app provides banking services to the rural masses, including account opening, deposits, remittances, and cash withdrawals, eliminating the need to spend time and money traveling long distances to the nearest bank branch or ATM, according to the company.

The platform allows retail consumers to register bank accounts at their local store by just presenting their Aadhaar and PAN cards and undergoing e-KYC authentication.

Bharat ATM has helped over 20 lakh people get financial services at their doorstep or their local Kirana store, with a 30 percent customer repeat rate. By the end of 2022, we expect to add about two million retail stores to the Bharat ATM platform, according to the company‘s founder Ram Shriram.

It already has a network of 3.5 lakh touchpoints in India, with 20,000 handheld terminals (wireless ATMs) for cards, it added, using proprietary licenses from private banks.

As a rural NEO Bank, ‘BharatATM’ offers a unique ‘Recurring Deposit Program’ to housewives, senior residents, and even youngsters, with an annual return of 11 percent. It already has a network of 3.5 lakh touchpoints around the country, including 20,000 handheld terminals (wireless ATMs) accepting cards, thanks to proprietary licenses from private banks.

In addition, the banking app has launched its own ‘investment & loan’ service for small business owners in rural India. It provides a 10% rate of return on savings and low-interest loans on savings to help them run their day-to-day operations more effectively.