Sarvatra Technologies brings 450th Co-operative bank on National Financial Switch
Sarvatra set to touch Rs. 40,000 crore gross transaction value in FY 2018-19
Sarvatra set to touch Rs. 40,000 crore gross transaction value in FY 2018-19
Sarvatra Technologies, an end-to-end payments and banking solutions provider, announced that they have successfully on-boarded ‘Sevalia Urban Co-operative Bank’ as 450th co-operative bank on National Financial Switch (NFS). With this addition, the company has enabled as many co-operative banks on digital payment platform by making them interoperable with large banks. Contributing to the Digital India story, Sarvatra Technologies has played a very vital role in digitizing small co-operative banks across India. It has enabled lakhs of semi urban and rural customers to the digital banking world. Sarvatra aims to add another 50 plus co-operative banks by FY 2019.
In continuation to their digital payment enabling story for India, Sarvatra has provided digital payment platform from the smallest cooperative banks to the largest lenders in India like ICICI Bank, IDBI Bank and new generation clients like Paytm Payments Bank, Equitas Small Finance Bank etc.
Dilip Asbe, MD & CEO, National Payments Corporation of India said, “Sarvatra started with NFS, providing RuPay Debit and Kissan Credit Cards issuance and enabling transactions on ATMs, POS and eCommerce. They are bringing sub-member banks on other NPCI platforms like IMPS, UPI, AePS and Bharat BillPay. Sarvatra not only on boards UCBs but also SCBs and DCCBs which is helping in financial inclusion.”
Speaking about the development, Mandar Agashe, Founder & Vice Chairman, Sarvatra Technologies said, “Sarvatra has done a pioneering role in bringing latest digital payment technologies to India’s ‘underbanked’ population. We defined financial inclusion as providing all payment facilities to a customer of a bank in remotest location of India which an urban customer of a modern bank will get in a metro city like Mumbai. In our journey, we had to handhold smaller cooperative banks in every aspect of digitization. For large banks like ICICI Bank and Paytm we ensured that we provided top quality payment switches like UPI and IMPS which scaled from few thousand transactions to few lakh transactions per day effortlessly within few weeks.”
Co-operative bank customers are increasingly relying on digital payment services. From a relatively small amount transacted earlier, the transaction value on Sarvatra platform has grown ten-fold in the past five years. In 2018, the transaction value is set to touch Rs. 40, 000 crore and is expected to continue growing exponentially over next few year.” he further added.
