FSS and CSB Bank launch Smart Cash to boost financial inclusion

FSS, a worldwide leading provider of integrated payment products and a payments processor, and CSB Bank, one of the oldest private sector banks in India, have joined forces to deliver hyperlocal banking services to financially underserved segments. Under the support of this partnership, CSB Bank and FSS plan to open 1,000 Smart cash franchises in semi-urban and rural areas across the India to expand financial services adoption among underserved segments.

Financial development has long been identified as a crucial accelerator for economic growth, as it increased the level of aggregate savings, investments and employment. India is one of the fastest growing financial economies in the world.

Several initiatives by the government including the India stack and Jan Dhan schemes have facilitated greater financial inclusion in the nation. Today the number of Jan Dhan accounts approximate 440 million in the nation. But most of these accounts are dormant. Smart cash aims to face the problem.

To bridge infrastructure gaps at the last mile and fast track growth, smart cash will operate on a franchise model. With a vision of Empowering a Billion Lives by offering financial services, franchises would be onboarded with a one-time fee and conform with Smart Cash’s business and operational guidelines for delivering a uniform service experience to clients