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Follow UsMUMBAI, FINO TATKAAL, an initiative developed and implemented by Financial Information Network & Operations Ltd. (FINO), has been voted as the best Financial Inclusion Initiative of the Year and awarded the Jury Choice category at the recently held eINDIA Awards 2010.
FINO TATKAAL provides customers with access to formal banking facilities, by opening a savings bank account and provides them remittance facility by opening a formal no — frills bank A/C by accepting a minimum reduced KYC documents.
It uses smart cards and bio-metric fingerprints to ensure safe and secure transactions thereby allaying a customer’s ignorance and fear of formal banking formalities. The biometric set up enables cashless and paperless transactions through smartcard by only verifying through his/her fingerprint and gets paid electronically. FINO TATKAAL facilitates remittance from one bank account to another bank account (Card-to-Bank Account; Card-to-Card and Cash-to-Card).
FINO TATKAAL was launched at Dharavi, Mumbai in association with Union Bank of India as an offshoot product of the larger Financial Inclusion (FI) implementation.
FINO has enrolled more than 1.6million families in a span of two years and has been implemented at 40 other locations across Mumbai.
Manish Khera, CEO — FINO said, “It a great honour for all of us at FINO to receive this award. This award is recognizes our relentless efforts to support the Government’s Financial Inclusion efforts and extend convenient and low cost banking facilities to all unbanked. The award will also work as a catalyst for us at FINO to work harder and take banking down to the very grassroots in India.”
He added, “Apart from Mumbai, at Delhi too the product has been launched at 60 points, also 10 more remitter destinations will be started in this FY on the same model.”
The eINDIA Awards 2010 have been instituted by the Department of Information Technology, Government of India for e-Gov ICT (Information and Communication Technology) to recognize the achievements in the field of implementing e-Governance in India.