FSS, CSB Bank launch hyperlocal banking services to boost financial inclusion

FSS and CSB Bank have partnered to deliver hyperlocal banking services to financially underserved segments.

“Under the aegis of this partnership, CSB Bank and FSS plan to open 1,000 Smart Cash franchisees in semi-urban and rural areas across India to expand financial services adoption among underserved segments,” they said in a statement on Wednesday.

Modelled on a Branch-in-a-Box service concept, Smart Cash franchisees, equipped with a kiosk or micro-ATM device, would offer affordable banking, investment, credit, and insurance products to target segments, the statement further said.

The Smart Cash franchisees would also offer products of CSB Bank as well as third party partner products – utility payments and domestic money transfers, and will also extend interoperable banking services to customers of any bank.