BANKIT to up presence in Telangana, AP

Hyderabad: Fintech player BANKIT said it is planning to tie up with over one lakh outlets next year to strengthen its presence in both the Telugu States —Telangana and Andhra Pradesh. These outlets will include medical stores, recharge shops, grocery shops and others. Currently, BANKIT has about 17,500 operational outlets in towns and villages of […]

Hyderabad: Fintech player BANKIT said it is planning to tie up with over one lakh outlets next year to strengthen its presence in both the Telugu States —Telangana and Andhra Pradesh. These outlets will include medical stores, recharge shops, grocery shops and others. Currently, BANKIT has about 17,500 operational outlets in towns and villages of Telangana and Andhra Pradesh. It has recruited 8,600 agents from April to October this year.

BANKIT’s outlets provide financial services such as domestic money transfer, Aadhaar enabled payments, MiniATMs, cash withdrawals, prepaid cards, recharges, bill payments, insurance, wallet recharges, travel and stay bookings.

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It is extending new product/ service lines in Telangana with online payment options such as accepting payments through UPI for its customers. It has also deployed 3,800 micro ATMs in Telangana during the last six months. The Gross Transaction Value (GTV) was Rs 11,000 crore from its agents in the State.

“We are focusing on enhancing our operations in Telangana and Andhra Pradesh. We have already managed to penetrate remote corners in these States,” said Amit Nigam, BANKIT Chief Operating Officer and Executive Director. During the pandemic, BANKIT provided cash withdrawal services to beneficiaries against DBT transfers. It also commenced the vaccine registration drive for customers through its agent network, a release said.

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