Spice Money, India’s leading rural fintech revolutionizing the way Bharat banks are assisting farmers and their families to withdraw their money with the help of their vast network of 10,00,000 Adhikaris.
Farmers and their families can now more easily locate the banking outlets where they can withdraw their subsidy funds thanks to Spice Money's initiative to paint the banking outlets in Red Blue colour.
The PM Kisan Scheme, a central sector scheme with 100% funding from the Government of India, became operational on December 1, 2018. Under this scheme, income support of Rs. 6000 per year, divided into three installments, is directly transferred to the bank accounts of landholding farmer families, consisting of the husband, wife, and minor children. While the government transfers the subsidy directly to bank accounts, the lack of traditional bank branches has been a significant barrier for farmers to access the funds. Rural fintech through their rural banking outlets is addressing this challenge and enabling farmers and their families to get access to the PM KISAN subsidy.
Speaking on this, Sanjeev Kumar, Co-Founder & CEO of Spice Money said, “At Spice Money, we are committed to empowering the underserved rural population by providing access to banking & financial services across the hinterlands of India. With the disbursement of the 12th installment of the Pradhan Mantri Kisan Samman Nidhi ahead of Diwali, farmers and families are accessing the subsidy at their nearest Spice Money banking outlet through AePS with the help of our vast network of 1 million Adhikaris.”
Spice Money has been driving digital and financial services to Bharat through their million-strong Adhikari network covering 95% rural pin codes spanning over 2,50,000 villages, 18,000 pin codes, 700 districts, and 5,000 blocks, serving over 10 crore households in India.
Spice Money has been driving digital and financial services to Bharat through their million-strong Adhikari network covering 95% rural pin codes spanning over 2,50,000 villages, 18,000 pin codes, 700 districts, and 5,000 blocks, serving over 10 crore households in India.
