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NT Bureau
Chennai, May 23:

        Financial Information Network and Operations Ltd (FINO), a Mumbai-based technology solutions provider has announced its partnership with Indian Bank for deployment of an innovative end-to-end smart card solution for its rural masses.

        FINO, a sectoral platform has been created to meet the needs of banking and MFI sectors targeting the rural masses in India. Signficantly, FINO will be providing Indian Bank 'No frill accounts' (zero balance savings accounts) for carrying out transactions on FINO Smart Cards and POT (Point of Transaction) Devices.

        This project for FINO is to cater to Indian Banks rural masses across the country. This will open doors for FINO for issuance of smart cards in multiple locations. According to Rishi Gupta, CFO and president, FINO, 'we see this tie up as a major strategic initiative towards our vision of catering to the rural masses. With financial services hotting up and a huge unattended market of making available financial services to the rural masses. we see this tie up as a logical initiative to cater to potential clientele of about 500-700 million people.'

        Dr K C Chakrabarty, chairman and managing director, Indian Bank said, 'the bank has successfully implemented the financial inclusion project in the Union Territory of Puducherry, bringing people in the hitherto unbanked sector to the banking sector. The bank has replicated the project in Cuddalore district and other parts of the country. Explaining the bank's e-initiatives to take forward financial inclusion deep into the rural areas, he said that the bank, as part of taking technology banking to the common man, has now introduced the Smart Card banking, a new delivery channel for the digital empowerment of the comman man while utilising banking/ financial services.

        He appreciated the efforts of FINO for pioneering this technological innovation which would facilitate doorstep banking under financial inclusion.

        Financial Information Network and Operations (FINO) is a multi-bank promoted company offering cutting edge smart card based application solutions to 'unbanked' in banking, microfinance, insurance and government sectors primarily located in rural and semi urban areas of India.