Mumbai, 29 March 2019: India is predominantly a cash economy with around 90% of all transactions still being done through cash. Businesses, be it FMCG, retail, MFIs, small business owners, insurance firms, petrol outlets etc deal in huge amounts of cash. While it could be a convenient mode of making or receiving payments, managing cash is an expensive affair for business entities.
In a conventional banking set up, to make a payment transaction one can do only during bank working hours. The main disadvantage of this is that the productive time of the resource is spent either going to a bank located far or waiting at the bank for his turn resulting in loss of business. To address challenges such as distance, time and risk of holding cash for entities in BFSI, Retail, FMCG and other sectors, Fino Payments Bank offers cash management services (CMS). This offering helps firms improve their operational efficiency while reducing costs and risks.
Explaining the benefits of this service Ashish Ahuja, EVP, and Head Products, Fino Payments Bank said, “Managing cash is critical for businesses and our offerings are in line with the objective of providing convenient and simple solutions to our partners’ needs. Our extensive network of close to one lakh points and over 400 banking outlets ensures we are located in close proximity to our clients’ operations. Our ability to manage bulk and retail cash helps our partners save on cost and focus on improving their business. As a digital bank with vast geographical reach, we help our partners reduce cash in their ecosystem.”
“We are already working with some of the reputed MFIs, NBFCs and our strategic partner Bharat Petroleum in their cash management journey to help them create more productive time by focusing on their core business processes. We manage around Rs 300 crores of cash on a daily basis,” added Ahuja.
Fino Payments Bank’s network of merchant points and banking outlets is spread across 25 states covering North, South, West and Eastern corridors. Majority of this network is present in rural India where banking is required. All these outlets are open till late hours enabling customers and clients to visit any of them at their convenience to deposit cash.