Spice Money & NSDL Payments Bank to facilitate Rural Banking in India

By Gloria Mathias

Spice Money (a subsidiary of DiGiSPICE Technologies), India’s rural FinTech has announced its collaboration with NSDL Payments Bank, to make an impact in rural India by enabling the opening of zero-balance accounts for its citizens.

By leveraging this partnership, Spice Money aims to empower rural citizens with greater financial inclusion, offering them access to essential banking facilities and fostering economic growth in these regions.

With the convenience of zero balance accounts, more individuals in rural India will be able to participate in formal banking systems and unlock the potential for better financial stability and opportunities.

The rural FinTech will utilize its extensive 12.7 lakh Adhikari network to streamline the onboarding process. Equipping Adhikaris with NSDL Payments Bank’s instant kits is available at their touchpoints, where rural citizens can go and open a zero-balance savings account instantly.

Sanjeev Kumar, Co-Founder, Executive Director, & CEO at Spice Money, said, “We are thrilled to collaborate with NSDL Payments Bank, a significant milestone in our mission to revolutionize banking accessibility for rural citizens in India. Spice Money remains committed to making a meaningful impact on the lives of the unbanked and underbanked, contributing significantly to the socio-economic growth of the nation. By collectively supporting the government’s vision of financial inclusion, we aspire to build a more equitable and prosperous India, where every individual can fully participate in the country’s economic journey.”

Through the local touch points, customers will be able to receive personalized assistance and guidance throughout the process, even in remote regions with limited banking infrastructure. This localized approach will foster trust and familiarity, encouraging more people to embrace formal banking channels confidently.

A spokesperson from NSDL Payments Bank said, “NSDL Payments Bank is quite excited to join hands with Spice Money, a partnership that combines our technological prowess and seamless banking solutions with Spice Money’s extensive network.”

By combining Spice Money’s extensive Adhikari network with NSDL Payments Bank’s expertise in secure banking solutions, this collaboration is set to uplift millions of underserved individuals, providing them with accessible and secure financial services.