e-Financial inclusion and Livelihood, Finalists 2012

Beam Money Private Limited, inaugurated in 2002, is authorized by the Reserve Bank of India to operate mobile powered payment systems in rural areas all over India to bring inclusive banking services especially to the socially and economically disadvantaged sections even to the remotest corners of the country. The project was launchedin December 2009 since even after 60 years of independence and multiple attempts toconnect India’s villages to reliable banking services;the endeavor has only been able toreach 30,000 of 600,000 villages.Thus,there are about 700 million unbanked people inIndia being denied benefits of economic growth and global commercial participation.Additionally current payment systems are inefficient with cheques taking around 10-30 days to be credited while postal money orders take even up to 45 days.

Through its franchisees, Drishtee provides access to banking services, micro finance, education, health, and a wide range of products. The key vision is to deploy local entrepreneurs and information technology to build a unique ‘last mile’ distribution network. Theentrepreneur runs a commercially viable enterprise sustained by charging the communitya nominal fees for the services provided while the company on the other hand has a revenue sharing arrangement with the rural franchisees. Based on its existing network, theorganization selects promising candidates to take up banking services kiosks while Drishtee’s offers both sourcing and most importantly kiosk banking technology to the future village based entrepreneurs, provides effective training and supports the franchisees in marketing to attain customers within the village.