BharatATM, a rural banking platform that offers comprehensive banking services to small merchants and customers through its assisted banking app, has announced significant growth numbers. The FinTech startup has on boarded 4.5 lakh small merchants covering 14,645 pin codes with a GTV [Gross Transaction Value] of Rs 2000 crs since its inception 8 months ago. In the same period, it has served over 20 lakh retail customers with their banking needs. BharatATM was launched in December 2020 by Mahagram [parent company], a leading fintech company in collaboration with actor Sonu Sood as its brand ambassador. The app offers comprehensive banking services including account opening, deposits, remittances and cash withdrawals to rural masses in tie up with local Kirana stores, thereby, eliminating the need to invest time and money traveling significant distances to the closest bank branch or ATM.
The app allows its retail customer to open bank accounts at the neighborhood store by just producing their Aadhaar & PAN Card and authentication using E-KYC. Till date Bharat ATM has helped more than 20 lakh customers to avail banking services at their doorstep or at the local Kirana store with a customer repeat rate of 30%. As a rural NEO Bank, ‘BharatATM’ offers a unique ‘Recurring Deposit Program’ with the highest return of 11% per annum to housewives, senior citizens and even teenagers.