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The government has been trying to regulate and bring unaccounted money into the monitored channels through various measures of financial inclusion. According to RBI over 40% Indians do not have bank accounts. In order to accommodate this segment of consumers the RBI has introduced a special, no-frill banking facility with lenient norms for consumers. Pay Point India has a contractual agreement to facilitate account opening, cash deposition, withdrawal & remittance through their franchises for such accounts. Jawhar, located approximately 100 Kms from Mumbai, consists of 45 villages with a high unbanked labour force, mostly NREGA workers. Facing difficulty to remit payments, the State bank of India approached Pay Point India to facilitate account opening for NREGA workers and villagers. Pay Point India accepted this challenge and appointed agents in that area. Despite power cuts and lack of local presence, Pay Point India opened a whopping 32,000+ accounts in less than 3 months, well before the stipulated time frame. Agents have earned over INR 3.5 lac for opening these accounts and the workers get their pay directly in their account not losing a penny to any inter-mediary. In this process, Pay Point provided livelihood to many families (agents), saved the crores of rupees for the workers and earned a commission while doing so, a profitable social impact. In view of this success the State Bank of India has appointed Pay Point India for similar projects in 55 new zones.
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