BANKIT Services Pvt. Ltd. is an Indian fintech company...

BANKIT Services Pvt. Ltd. is an Indian fintech company headquartered in Noida, Uttar Pradesh, dedicated to promoting financial inclusion by providing accessible and affordable banking and financial services across India. Established in 2019, BANKIT has developed a comprehensive suite of digital financial products and services tailored to meet the diverse needs of both urban and rural populations.

Core Services Offered by BANKIT:

•Domestic Money Transfer (DMT): Enables customers to transfer money instantly to any bank account in India, offering a reliable and convenient alternative to traditional banking channels.

•Aadhaar Enabled Payment System (AePS): Allows customers to perform secure, biometric-authenticated transactions such as cash withdrawals, balance inquiries, and mini statements through their Aadhaar-linked bank accounts.

•Prepaid Cards: Offers RuPay prepaid cards suitable for daily transactions, including shopping at retail outlets and online payments, providing a simple and secure payment method.

•Prepaid Recharges and Bill Payments (BBPS): Provides services for recharging prepaid mobiles, DTH, data cards, and facilitates instant utility bill payments through the Bharat Bill Payment System.

•Travel and Stay Services: Assists with affordable and timely bookings of flights, buses, and hotels, catering to the travel needs of customers.

•MicroATM Services: Offers cash withdrawal services in areas lacking ATM machines or bank branches, enhancing financial accessibility in remote locations.

•PAN Card Services: Provides convenient services for generating instant PAN Cards for customers, simplifying the process of obtaining this essential document.

•Cash Management Services (CMS): Facilitates cash collection solutions for various non-banking financial companies (NBFCs), maintaining a healthy financial ecosystem for loan EMI collections.

•Aadhaar Pay Services: Simplifies payments through biometric authentication, offering a seamless experience for both merchants and customers.

Mission and Vision:

BANKIT’s vision is to empower every Indian with accessible and affordable banking and financial services through innovative fintech solutions. Their mission focuses on leveraging a ‘Phygital’ network—a combination of physical presence and digital infrastructure—to deliver financial services to the last mile, bridging the gap between urban and rural financial accessibility.

Impact and Reach:

As of early 2021, BANKIT operated over 50,000 outlets across more than 23 states in India, achieving a gross transaction value of ₹10,645 crore. The company served over 2.1 million customers monthly, spanning 4,856 pin codes, with a significant presence in Tier III and IV cities. BANKIT continues to expand its network, aiming to add new services and products to its platform to serve more unbanked and underserved customers.

Commitment to Rural Empowerment:

BANKIT addresses the unique challenges faced by rural communities, such as limited banking access, low financial literacy, and heavy dependence on cash transactions. By appointing local shop owners as agents, BANKIT brings essential banking services directly to rural households, fostering financial inclusion and literacy. These agents provide services like cash deposits, withdrawals, and money transfers, making banking accessible within the community.

In summary, BANKIT Services Pvt. Ltd. plays a pivotal role in transforming India’s financial landscape by bridging the gap between traditional banking and the needs of underserved populations, particularly in rural areas. Through its diverse range of services and innovative ‘Phygital’ approach, BANKIT is committed to creating a financially inclusive India.