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FINO-Tatkaal: Financial inclusion for migrants
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FINO office - Dharavi, Mumbai
FINO office - Dharavi, Mumbai
FINO-Tatkaal is a smart-card based remittance banking system for migrants. It operates on a business correspondent (BC) model, whereby agents facilitate transactions at the customers’ doorstep.

FINO-Tatkaal operates on the BC model in three slums of Mumbai - Dharavi, Ghatkopar, and Shivajinagar – where migrant populations are highest.

One of the greatest benefits to the programme is the breeding of a savings culture. Due to the low cost of transactions – 25 rupees for a 10000 rupee remittance – FINO customers tend to save and remit incrementally, instead of sending lump sums of money after longer periods of time. Another advantage is the door-to-door banking model. This allows for workers, such as small shopkeepers, to conveniently remit money without sacrificing time that could be spent maintaining their livelihood.

Since its inception in 2009, FINO-Tatkaal has succeeded in servicing approximately 3000 migrant remittances per day. Its success can be attributed to its low user fees, convenient BC model, and an end-to-end streamlining of banking – from enrolment to continual and consistent access.

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