FINO-Tatkaal, November 2010

FINO-Tatkaal, a smart-card based remittance banking system, emerged during a time when the Indian banking system was undergoing dramatic changes.  Namely, the business correspondent (BC) model, whereby agents would facilitate transactions at the customers’ doorstep, was becoming increasingly popular. Since then, Financial Information Network and Operation Ltd. (FINO), a subsidiary of ICICI, has managed to capture 90 percent of the market share nationwide in the BC sector. The emergence of the BC model, combined with the heavy demand of migrants in Mumbai to remit money to their family members back home, largely in the states of Uttar Pradesh and Bihar, brought supply and demand to an equilibrium that could be exploited to the benefit of this largely ignored sector of society.

Source : OneWorld Foundation India

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