Alankit Limited: One Page Description for BCFI
Financial inclusion has an unmistakable impact on societal advancement and economic development. In an effort to unlock the nation’s growth potential, financial inclusion combined with digitisation assists in meeting the unmet financial needs of the underprivileged section of society. To spearhead efforts toward Financial Inclusion, Alankit is dedicated to harnessing the potential of digitisation by enabling a unified rostrum of swift and secure financial services ranging from Kiosk Banking to Aadhaar services.
Alankit Limited (AL) is a market leader in e-Governance services that engages in expeditious delivery of vital citizen services. It is the flagship company of Alankit Group which specialises in delivering a wide range of products & services in the e-Governance, Financial, Insurance, and Healthcare domains. Alankit brings an extensive experience of 26+ years with a national and international presence.
• 21 Regional Offices
• 31 Services
• 25+ Million Customer Base
• 2000+ Dedicated Professionals
• 673+ Cities
• 8000+ Business Locations
Through its Business Correspondence vertical, Alankit outreaches to the country’s unreached section to assist them via the use of the technology and financial services delivered by the Company. As a responsible entity of the country, Alankit extends its helping hand to states in implementing its socio-financial schemes, women’s empowerment, upliftment of the poor class, and employment generation through its various services, including Financial Inclusion and Financial Literacy.
Services Offered:
S. No.
Services
S. No.
Services
1
Basic Banking (A/c Opening /Deposit /Withdrawal/ Balance Inquiry/ Money Transfer
7
Recurring Deposit (RD) and Term Deposits
2
Doorstep Banking / DBT Disbursements
8
Aadhaar Based Transaction (AEPS)
3
Miscellaneous Banking Services /requests
9
Remittance / IMPS
4
Social Security Schemes: APY(Atal Pension Yojana), PMJJBY(Pradhan Mantri Jeevan Jyoti Bima Yojana), PMSBY(Pradhan Mantri Suraksha Bima Yojana)
10
Loan-related services- Lead Generation and Collection
5
Passbook Printing
11
Bharat Bill Payment System (BBPS)
6
Transaction Through Micro ATM (MATM)
The Company’s strength lies in the strong in-house state-of-the-art IT Department with a dedicated Call Centre, a specialised Learning Centre, and a vast Pan-India network. Furthermore, our team comprises of experts enriched with retired banking personnel and professional staff to provide apt solutions to the problems and queries of the customers.
Alankit proudly promotes diversity and inclusive growth along with women’s empowerment. Alankit has also adopted the Bank Sakhi model, an ideal platform with the main focus on encouraging and increasing the number of female participants in the BC Business Model to the maximum. We have participated in SHG Member development efforts of SRLMs in Maharashtra and Uttar Pradesh.
Compared to other Corporate BCs, we are new in the Financial Inclusion segment as we started our journey in Financial Inclusion six years back. We provide BC services to citizens in 26 states and UTs. Our CSPs have opened lakhs of PMJDY accounts and have been doing about 500 transactions per BC per month. A healthy balance between the interests of different customers and the Company is at the heart of corporate governance for Alankit. Based on this, we take pride in mentioning that no BC of Alankit has ever been put in the Risk zone till date.
Features of Financial Inclusion implemented by Alankit
• Appointment of CSPs as per Bank/RBI Norms
• Strict Compliance of Due Diligence Norms Locations as per Mutually Agreed Points
• Organising Financial Literacy Programmes for common mass
• Training Programmes for BCs
• Ensuring Availability of Proper Infrastructure
• Technical and Other Operational Support Available
Alankit, in collaboration with Banks, delivers mainstream financial services by enrolling the customers and enabling their transactions at Customer Service Points (CSPs) using remote- biometric-enabled Technology for Kiosk Banking. Benefits to Banks include “no-cost” on setting up/establishment and operations; huge savings in per transaction costs; branch decongestion; growth in Assets / Liability and the cheapest way to resolve NPA issues.
Our Nationalised Banking Partners
• State Bank of India
• Bank of Baroda
• Punjab National Bank
• Central Bank of India
• Union Bank of India
• IDBI Bank
We aim to focus on financial inclusion and deeper penetration into unserved low-income masses by providing a wide-ranging spectrum of services to embed all the Business Correspondent (BC) touchpoints. The addition of banking and financial inclusion to Alankit’s portfolio is viewed as a promising avenue for providing the unbanked and underserved population with access to a comprehensive suite of financial services.
We have set our sights on becoming the market leader for BC business with a Pan-India presence while catering to all the PSU banks of the nation.
The CSP Network is the backbone of the banking industry that will further expedite the industry’s growth rate. Considering the same, Alankit has initiated the concept of Samarth 2022 to create and utilise a platform where all the CSPs of Alankit come together to analyse and appreciate the ongoing work phase. We already had two events under it, in Lucknow and Jaipur, respectively, and will soon organise the third phase in Nasik. Furthermore, we gradually plan to cover all the cities where our CSP network exists in the nation to encourage and appreciate their hard work and dedication. We also take pride in humbly mentioning the multiple Certificates Of Appreciation & Excellence that Alankit has received from our banking partners (SBI and PNB) on numerous occasions from 2019 to date to constantly meet the quality standards the banking sector sets in India.
2. The Company’s high-resolution logo: Attached
3. The Company’s website link: https://www.alankit.com/
