PayNearby, country's branchless banking and digital network, has opened 100,000+ current and savings accounts from semi-urban and rural retail counters in the country, within the last six months. Launched in association with India’s leading private bank, customers can visit their nearby stores and get their accounts opened through Aadhaar-based KYC (eKYC).

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This milestone is crucial as most of these regions have very less active bank account holders due to low penetration of formal financial infrastructure and the lack of financial literacy, PayNearby said.

"With tech-backed Distribution-as-a-Service (DaaS) network, PayNearby is providing citizens with an active bank account. This has ensured greater convenience for the masses who are often fraught with challenges like documentation hassles, long processes, technology, lack of proximity and fear of a formal environment. Interestingly, of the total accounts opened, savings accounts saw a major uptake with 75% percent," PayNearby said.

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This ratifies the need and demand for savings products at nearby stores and reiterates the fact that the savings behaviour is improving at the last mile. The company aims to double down on its efforts and facilitate the opening of over half a million current and savings bank accounts by the end of this year, it said.

Commenting on the milestone, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “With more than one lakh current and savings accounts opened, we feel encouraged that our commitment to re-bank India with ‘Har Ghar Bank Khata’ is finally happening. The easy availability of bank account openings at a local retail shop has accelerated the uptake of this service."

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"With the savings account offering, we hope to get Bharat integrated into the formal economy at an accelerated pace and inculcate a savings behaviour among the masses. We will continue to make these best-in-class services accessible at our retail stores so that each and every citizen in the country has access to all services and the Bharat-India divide is bridged forever," he said.

(Edited by : Anshul)