Glodyne Rolls Out Financial Inclusion Scheme In Bihar

Glodyne Technoserve in partnership with the Government of Bihar has rolled out the largest rural Financial Inclusion services in the country. The public roll out of the financial inclusion services under the ’e-shakti’ project was done by Nitish Kumar, Chief Minister of Bihar in Patna. Smaarftech Technologies, (a subsidiary of Glodyne Technoserve) which is implementing the ’e-shakti’ project in the state has initially partnered with Central Bank of India. Financial Inclusion is playing a pivotal role in ensuring the benefits of the ’e-shakti’ project reach the beneficiaries.

Salient features of the scheme:

Financial Inclusion of 25 million MNREGS beneficiaries in the State Opening of ‘No Frills’ Bank Account for every beneficiary as per KYC norms and payment ofwages through Banking channel Technology Services as the backbone for implementing the scheme. Before processing payments, fingerprint and other KYC data verified for each beneficiary Automation of the entire wage distribution under MNREGS through which payments will be delivered in a simple, transparent and quick manner.

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“I will like to congratulate the rural development department, Smaarftech and to all the others associated in this project for making the dream of bringing transparency in MNREGS implementation become a reality. Financial Inclusion is one of the basic requirements for a progressive economy, and the Government of Bihar is dedicated to ensure the availability of banking facilities to the entire rural population of the State. This will ensure that the beneficiaries get their rightful dues and will bring accountability, transparency and ease of use in the entire system. Through financial inclusion the States beneficiaries will get integrated with the growth process of the economy formally and that’s how the beneficiary will become part of the inclusive growth. The team at Glodyne under the able leadership of Mr. Annand Sarnaaik is a progressive and future focused Company and I am confident that they will continue the good work,” said Nitish Kumar, Chief Minister of Bihar.

“We appreciate the vision of the Government of Bihar to become the first State in India to allow technology innovation in revolutionising MNREGS in the entire State, bringing transparency in the wage disbursements and empowering the beneficiaries through financial inclusion. We are pleased to partner with Central Bank of India, one of the largest and respected banks of the country to provide banking to the rural population.‘E-shakti’ is a benchmark project in technology driven end to end implementation of any social initiative in the Country. It is my belief that ‘E shakti’ will bring a positive impact to the rural landscape of Bihar, and technology will truly be an enabler for the social and financial inclusion of the rural population of the State. Glodyne is committed towards creating a robust and effective system which deploys path-breaking technology and is proud to be a part of such a State building project,” said Annand Sarnaaik, Chairman & Managing Director, Glodyne Technoserve Limited.