PNS|HYDERABAD
So, you know how there’s still a big gap between rural India and formal banking? Well, Save Solutions Pvt Ltd is working hard to change that! They’re a banking correspondent network with an incredible reach – 28 states, 6 union territories and over 8,600 villages. With 14,000+ customer service points and thousands of clients every day, they’re making a real difference. It’s amazing to see how they’re empowering millions of people with access to financial services. Let’s dive deeper and explore more about their work with Ajeet Kumar Singh, Managing Director & Co-Founder, SAVE Solutions Pvt. Ltd.
In what ways has SAVE Solutions changed since its founding in 2009 to become one of the top banking correspondent networks in India?
It began as a tiny financial inclusion project in 2009 and has now grown into one of the biggest banking correspondent networks in India. The business realised the urgent need for last-mile banking services in disadvantaged areas and started with just one Customer Service Point (CSP). It grew quickly by forming strategic alliances with top banks such as State Bank of India (SBI), Bank of Baroda (BOB), Bank of India (BOI), Punjab National Bank (PNB), Central Bank of India (CBI), Jharkhand Rajya Gramin Bank (JRGB) and Baroda U.P. Gramin Bank (BUPB). The company also placed a high priority on operational excellence. Today, the organisation serves millions of people in rural and semi-urban areas by operating in more than 600 districts throughout 28 states and 6 Union Territories, offering vital financial services.
Could you explain how rural banking access in India is impacted by it’s vast network of more than 15,000 CSPs?
The foundation of it’s financial inclusion strategy is its extensive network of more than 15,000 CSPs (Customer Service Points). These CSPs, who are frequently local business owners, offer doorstep banking in small towns and isolated villages. They provide basic services such opening an account, making withdrawals, making deposits, sending money and disbursing government subsidies. This network has greatly enhanced banking accessibility, strengthened rural communities and increased the number of people enrolled in the official financial system by decreasing reliance on far-off bank offices and lengthy travel durations.
In what ways do it’s three NBFC subsidiaries enhance its primary banking correspondent business?
The primary goal is financial inclusion. To achieve this goal, its three NBFC companies collaborate to build a complete financial ecosystem under the it’s auspices:
Microfinance SAVE: This subsidiary meets the unique financial needs of rural women by providing microloans under the Joint Liability Group (JLG) model, enabling them to start their own businesses. By doing this, it contributes significantly to the advancement of financial inclusion and the economic independence of women in underprivileged areas. Furthermore, it is able to provide its clients with specialised financial support through co-lending agreements with Federal Bank and State Bank of India, thereby enhancing its goal of inclusive growth.
SAVE Financial Services: By providing secured loans, this subsidiary aids in the expansion of micro and small businesses (MSMEs). By filling the funding gap, it helps small firms expand, generate employment and support regional economic growth. It offers the much-needed financial solutions that encourage business in rural and semi-urban areas by completing the BC network.
SAVE Housing Finance: This subsidiary assists low-income households in obtaining home loans, allowing them to realise their goal of homeownership, with an emphasis on affordable housing. It is essential in helping underprivileged rural and semi-urban families with their housing needs. These businesses operate in unison with the banking correspondent network, guaranteeing the achievement of the primary goal of financial inclusion. They enable people and communities all throughout India to attain financial stability and independence by offering customised loan, housing and business options in addition to banking access.
How does it’s internal IT infrastructure and technology contribute to the company’s financial inclusion and service effectiveness?
The core of business is technology. The business has made significant investments in internal IT infrastructure, which has allowed for data protection, real-time transaction monitoring and smooth interaction with banking partners. Dashboards and analytics provide operational transparency, while custom-built applications help CSPs provide prompt and dependable services. Additionally, technology is essential for grievance resolution, KYC verification and customer onboarding. Even in the most remote areas, Save guarantees scalable, effective and inclusive financial delivery by utilising technology.
In what ways does it support youth development and rural employment in India’s BFSI sector?
Through the provision of numerous job opportunities throughout its vast network, it plays a crucial role in supporting youth development and rural employment in India’s BFSI sector. By hiring young people from the area to work as field agents and Customer Service Points (CSPs) throughout its NBFC operations, the company creates jobs. In addition to providing stability in income and skill development, these positions foster social respect in the community. Young professionals are regularly upskilled through frequent training and capacity-building workshops, preparing them for the BFSI sector’s future. Additionally, through its 15,000+ CSPs, SAVE Solutions has given over 30,000 young people job possibilities. This extensive network of regional business owners lays the groundwork for the upcoming generation of financial experts and aids in closing the access gap to banking in rural areas. In addition to creating jobs, it is promoting financial inclusion by helping thousands of MSME owners grow their companies and millions of rural women become self-sufficient through microfinance. This all-encompassing strategy helps rural communities have a sustainable future by enhancing livelihoods and promoting inclusive development at the local level.
What are it’s main growth goals for the fiscal year 2025–2026?
It wants to increase its footprint in underserved districts, expand its NBFC products, and hasten the implementation of digital technology in FY 2025–2026. Increasing the number of active CSPs, introducing more customer-focused financial products, improving technological skills and broadening influence in eastern and northeastern India are some of the main objectives. In order to further solidify its position as a reliable partner for financial inclusion, the company also intends to fortify alliances with banks and government initiatives.
