Banking And Payment Partners

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world¹s most advanced processing networks‹VisaNet‹that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa¹s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. In collaboration with VISA, IIMPS is providing "Micro Pension" clients with a secure micro-payment solution through which these low income informal sector workers in even remote locations are able to accumulate micro-savings for pensions, insurance and known future expenditure in an affordable, convenient and secure environment using a prepaid card.

The SEWA Bank was founded in 1974 by 4,000 SEWA (Self Employed Women’s Association) members each contributing ten rupees. SEWA Bank has implemented various innovative programs aimed at providing access for self employed women to credit, secure savings, insurance, pensions and housing.

BillDesk is a property of Ltd. It was conceived in early 2000 to solve the frustrations of most of us when it comes to paying bills. BillDesk helps consumers leverage on the potential of electronic medium to better organise and manage their payments, while escaping some of the pitfalls of traditional bill payment services. Micro-Pension clients with no-frills or regular bank accounts with any scheduled commercial bank are able to remit cashless micro-savings directly to UTI, LIC and NPS-Lite through an ECS mechanism established with BillDesk.

State Bank of India
SBI is one of the largest banks in the world. SBI has roughly 10,000 branches across India. SBI and IIMPS have agreed that SBI Tiny (no-frills account) clients shall be enrolled for Micro Pension products through the SBI BC network partners. Clients will provide an SI mandate using which their accounts will be periodically debited by SBI. Individual micro-savings will be pooled, reconciled and transferred by SBI directly to product providers.

Bihar Kshetriya Gramin Bank
BKGB was established in 2005 by amalgamating 3 RRBs. The bank provides banking and financial services to roughly one million rural households at 8 districts of Bihar through 151 branches, 7 extension counters and 1 satellite office.

Uttar Bihar Gramin Bank
UTUBGB is a Central Bank of India sponsored RRB and is based from Muzaffarpur. The bank has operations in 18 districts of Bihar and has nearly 9 million rural customers.

Prathama Bank
Prathama Bank is India’s first Regional Rural Bank. It was established by Syndicate Bank in 1975 and is head officed at Moradabad in Uttar Pradesh. The Bank has over 2.5 million customers in 3 adjoining districts and has implemented a CBS for banking operations across its 212 branches.

Baitarani Gramya Bank
UBGB is a Bank of India sponsored RRB. It is based at Baripada at Odisha and provides banking access to rural low income workers from its 109 branches. It has 3 regional offices in the State.

Neelachal Gramya Bank
NGB is an RRB established by Indian Overseas Bank. It is based at Bhubaneshwar in Odisha and has banking operations in 5 districts of the State. It provides rural banking services through 174 branches and 3 regional offices.

BCs such as EKO and OxiCash provide MicroPension clients with a simple, secure, convenient and portable mechanism to “load” microsavings into their bank-issued prepaid cards at over 100,000 outlets across the country. These savings are electronically transferred, in real-time, to an escrow account. Aggregated savings are then periodically transferred to product partners as per an SI mandate. Clients receive an instant, system generated SMS receipt. This is identical to loading talk-time on a prepaid mobile phone.

RBL Bank issues semi-closed prepaid cards to unbanked poor enrolled for micro-pension. Microsavings of individual clients are reconciled in real-time and kept in escrow prior to aggregated transfer, as per each client's SI mandate, to product partners.

Changing Lives
field updates

Low income individuals in remote tribal locations at Tamil Nadu are now being enrolled for "micro-pension" in partnership with Centre for Tribal Research and Development (CTRD).

IIMPS and eKutir will jointly assist low income farmers in Odisha to accumulate micro-savings through the Micro-Pension model.