{"id":6222,"date":"2017-07-17T17:47:01","date_gmt":"2017-07-17T17:47:01","guid":{"rendered":"http:\/\/faceinews.com\/?p=6222"},"modified":"2017-07-17T17:47:01","modified_gmt":"2017-07-17T17:47:01","slug":"varam-capital-rbl-bank-tie-up-to-take-atm-services-to-doorsteps","status":"publish","type":"post","link":"https:\/\/www.faceinews.com\/?p=6222","title":{"rendered":"Varam Capital-RBL Bank tie-up to take ATM services to doorsteps"},"content":{"rendered":"<p><a href=\"http:\/\/faceinews.com\/wp-content\/uploads\/2017\/07\/rbl.jpg\" rel=\"attachment wp-att-6223\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6223 size-full\" src=\"http:\/\/faceinews.com\/wp-content\/uploads\/2017\/07\/rbl.jpg\" alt=\"rbl\" width=\"300\" height=\"200\" \/><\/a>C<strong>hennai, 17th July 2017: Varam Capital, in partnership with RBL Bank,<\/strong> has introduced <strong>Aadhaar-enabled payment services (AEPS)<\/strong> across its operations, thereby powering the Varam app as a Micro-ATM. With this, Varam\u2019s 70,000 micro finance customers across urban and rural areas will have access to ATM services at their doorstep.<br \/>\nThe Chennai-based NBFC-MFI has leveraged on the emerging digital and payment infrastructure to facilitate general banking services for the masses. Varam Capital\u2019s CEO, Joby C.O. said, \u201cThe government\u2019s Jan Dhan efforts helped every Indian to have a bank account and with the help of Micro-ATMs, we are making banking transactions a reality. Now our customers can deposit or withdraw any amount any time they wish and at their convenience. This will revolutionise the way people bank with informal income. This also goes well with our strategy of building the digital architecture around Aadhaar, mobile number and bank account. The moment we are able to replace cash at the frontend, our ability to offer multiple products to our customers grows multifold. If their Aadhaar numbers are linked to their bank accounts, customers can transact with their bank only using a thumb imprint.\u201d<br \/>\nVaram introduced its App in the previous financial year as part of its digital transformation. The app is integrated with UIDAI, credit bureaus and banks, thus offering seamless on-boarding of customers and real-time disbursements. The new digital initiatives at Varam contributed to 100% cashless disbursements in the last fiscal, apart from 100% enrolments through Aadhaar.<br \/>\nThe company, in partnership with RBL Bank, has integrated API Banking and Aadhaar Payment Bridge (APBS) to facilitate seamless disbursements. On the partnership with Varam Capital, RBL Bank\u2019s Head of Digital Banking Sujatha Mohan said: \u201cFinancial inclusion has been the guiding principle of our banking operations since inception, and even more so since we embarked on the digital transformation journey. Our focus on technology and partnerships is enabling us to extend our product portfolio, and offer differentiated solutions for our customers. In this context, the tie-up with Varam Capital will enable RBL to offer Varam\u2019s customers a very comfortable banking experience by using their Aadhaar-linked accounts to carry out banking transactions anywhere, anytime.\u201d<br \/>\nVaram Capital Promoter Latha Rajan said, \u201cVaram could conceptualise the entire digital revolution unfolding much before demonetisation hit the market. Our internal IT team built the Varam App and many other workflow management systems, which brought in authenticity, speed, ease and cost-effectiveness into our<br \/>\noperations. At the click of a button, today, every person can access any financial or non-financial products and services in line with the government\u2019s dream of financial inclusiveness.\u201d<br \/>\nJoby C.O. added, \u201cVaram in its current form operates at 8-10% cost of operations and I believe that our fully operational digital model would help us to bring the cost of operations significantly down over a period of time. This will not only strengthen the bottom-line but also create avenues to explore alternate channels of expansion and growth.\u201d<br \/>\nVaram is holding talks for its series A round of equity to realise its dream of providing low-cost financial services.<br \/>\nAbout Varam : Varam Capital Private Limited (\u2018Varam\u2019) is a new age tech-enabled Micro Finance Institution (NBFC-MFI), headquartered in Chennai, Tamilnadu. With 25 branches across 11 districts in the States of Tamilnadu and Chhattisgarh, Varam serves over 70,000 customers. Varam is building a low cost financial delivery channel, using digital technology to service customers, underwrite loans and facilitate seam-less transactions.<\/p>\n<p>About RBL Bank : RBL Bank is one of India\u2019s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate &amp; Institutional Banking, Commercial Banking, Branch &amp; Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 2.8 million customers through a network of 239 branches and 375 ATMs spread across 20 Indian states and Union Territories.<\/p>\n<p>Over the last few years, RBL Bank has earned recognition in various national and international forums such as : CNBC ASIA\u2019s India Talent Management Award (2017); \u2018India\u2019s Best Bank (Growth)\u2019 in the \u2018Small-Sized Bank Segment\u2019 by Business Today-KPMG Best Bank Study for six consecutive years (2012-17); Business World\u2019s \u2018Best Growing Small Bank\u2019 consistently for four years(2013,2014,2015,2017) \u00a0and recognized by the World Economic Forum as a \u2018Global Growth Company\u2019 (GGC).<\/p>\n<p>RBL Bank is listed on both NSE and BSE (RBLBANK).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chennai, 17th July 2017: Varam Capital, in partnership with RBL Bank, has introduced Aadhaar-enabled payment services (AEPS) across its operations, thereby powering the Varam app as a Micro-ATM. With this, Varam\u2019s 70,000 micro finance customers across urban and rural areas will have access to ATM services at their doorstep. The Chennai-based NBFC-MFI has leveraged on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6223,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate"],"_links":{"self":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/6222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6222"}],"version-history":[{"count":1,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/6222\/revisions"}],"predecessor-version":[{"id":6224,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/6222\/revisions\/6224"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/media\/6223"}],"wp:attachment":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}