FSS, CSB Bank launch Smart Cash to boost financial inclusion

Under the aegis of this partnership, CSB Bank and FSS plan to open 1,000 Smart Cash franchisees in semi-urban and rural areas across India to expand financial services adoption among underserved segments. Financial development has long been identified as a crucial accelerator for economic growth, as it increases the level of aggregate savings, investment, and employment. India is one of the fastest growing financial economies in the world. Several initiatives by the Government of India including the India Stack and the Jan Dhan schemes have facilitated greater financial inclusion in the country. Today the number of Jan Dhan accounts – approximate 440 million in the country. But many of these accounts are dormant. Smart Cash aims to address this challenge. 

To bridge infrastructure gaps at the last mile and fast-track growth, Smart Cash will operate on a franchise model. The franchisees would be onboarded with a one-time fee and conform with Smart Cash’s business and operational guidelines for delivering a uniform services experience to customers. Modelled on a Branch-in-a-Box service concept, Smart Cash franchisees, equipped with a kiosk or a Micro-ATM device, would offer affordable banking, investment, credit, and insurance products to target segments. The Smart Cash franchisees would function as a one-stop shop for products offered by CSB Bank as well as third party partner products – utility payments and domestic money transfers – improving commercial viability of the service for Smart Cash franchisees. 

Powered by FSS eFinclusiv (AePS) at the backend, Smart Cash franchisees will extend interoperable banking services to customers of any bank. Customers, irrespective of the bank they hold an account, can walk into any Smart Cash franchisee to access services - using biometric verification and a social ID card (Aadhaar) linked to a bank account or through a debit card and associate PIN.