IT technology companies are looking to grab opportunities opened by direct cash transfer scheme to beneficiaries. The scheme is heavily dependent on banks, which in turn are relying on technology firms to implement the programme.
Earlier the banks found that it is not financially sustainable to set up accounts for rural citizens because of the limited transactions and money in such accounts. But direct transfer scheme addresses some of the issues associated with it.
HCL Infosystems is gunning for a share of the financial inclusion-related business and has tied up with 26 banks to provide technology such as handheld devices that banking representatives will carry to ensure last-mile connectivity in villages.
Wipro, India’s third-largest IT services provider, is working with banks to implement core banking solutions and creating software interfaces to manage such handheld devices, said Anuj Vaid of Wipro Infotech, the India and Middle East arm.