FINO PayTech is collaborating with Reliance Commercial Finance to provide credit to rural poor in Maharashtra and Madhya Pradesh. Reliance Commercial Finance, a division of Reliance Capital, will provide loans for disbursement through FINO Fintech Foundation, an associate company of FINO PayTech. The Foundation will serve as a ‘Service Provider’ and would source and service customers on behalf of Reliance Commercial Finance as part of the agreement. A pilot project has been initiated in the districts of Vidharbha region in Maharashtra, and Bhopal, Hardha, Khandwa, Vidhisha, Khargone in MP, where loans are disbursed under JLG model. As the project progresses, more districts of MP and Maharashtra are expected to be added. Reliance Commercial Finance will offer small ticket size loans to women borrowers for a tenor up to 24 months for carrying out revenue generating activities as part of the tie-up. In addition to offering microfinance, FINO PayTech also provides access to a range of payment services to rural customers that include banking, international remittance cash out facility, micro insurance, mobile/DTH recharges, and utility bill payments facilitated by Bill Desk and assisted ecommerce in partnership with Snapdeal.
