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AISECT Wins Manthan Award for eFinancial Inclusion

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AISECT currently works as a Business Facilitator (BF) as well as a National Business Correspondent for the SBI

New Delhi: AISECT, Bhopal has won the ninth edition of the prestigious Manthan Award South Asia and Asia Pacific 2012 in the eFinancial Inclusion and Livelihood category. External Affairs Minister Salman Khurshid was present as the chief guest on the occasion.

This year, the competition received 470 entries from organizations across all major South Asian countries. The category of efinancial Inclusion and Livelihood received 25 nominations.

The Manthan Awards recognize and acknowledge out-of-the-box innovations in ICT development across 16 different categories.

Dr. Rajendra Kumar, Joint Secretary, DeitY conferred the award to Mr. Siddharth Chaturvedi, Director, AISECT and Mr. Abhishek Pandit, Director, Business Services, AISECT.

Since 2009, AISECT is extending hassle-free savings, loan facilities and other banking services at an affordable cost to the under privileged and unbanked population.

AISECT currently works as a Business Facilitator (BF) as well as a National Business Correspondent (BC) for the State Bank of India (SBI).

In collaboration with the Government of India, AISECT has set up 2926 Common Service Centers (CSCs) in Madhya Pradesh, 1487 in Chhattisgarh and 585 in Punjab.

In 2010 Financial Inclusion Scheme took a new turn with the SBI launching mobile banking services in Madhya Pradesh in collaboration with AISECT. This was the first time such a service had been introduced under financial inclusion in any state of the country.

Services delivered by AISECT Centers acting as BCs include account opening in CSC Kiosk, Deposit and withdrawal in Account and Micro Finance. Apart from this, 931 Rural and Urban Banking Kiosks have been installed and two Mobile Vans, fitted with ATM and Kiosk banking mechanisms, are in operation in rural areas.

As a result, AISECT has been successful in including more than 6,50,000 citizens of the country into the banking space who in turn have made more than 280 crores worth of transactions in the last two years.

Also, massive awareness generation programs are being undertaken by the organization to ensure that the community at large develops an understanding of the various financial products and their advantages.

To offer premium collection services in semi-urban and rural India, AISECT has also joined hands with ING Life Insurance.

Commenting on the awards, Mr. Abhishek Pandit said, “It is indeed a matter of great pleasure when the hard work and the innovative initiative of the team get recognized on such a prestigious platform.

Such recognition encourages us to work with even more dedication towards making banking services accessible at the grassroots level. AISECT is already a leading IT Education, Training and Services player with strong inroads in rural and semi-urban India.”

The Manthan Award 2012 is the latest in the long line of achievements and recognition that AISECT has won over the years.

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