1. What is BANKIT, how is your journey as of now? BANKIT is an integrated financial services provider and a payment solution company which offer all the basic banking facilities through a single platform. It is one of the fastest growing fintech startup, which started its operations in the year 2016. It provides instant and hassle free money remittance services in the unbanked and under-banked segments in India. As of now, Bankit’s journey is very much experiential and satisfied as we have provided the banking facilities to more than 10 lakh people across the country. Within a short span of time we have not only developed a trust of our channel partners but have also convinced our target customers about Bankit being the most easiest, fastest & safest Digital payment platform and serving all the Digital services under one roof. 2. What all services BANKIT offer to its customer? We are a one-stop-outlet for instant and hassle-free Digital payment solution services like domestic money remittances anytime, with any bank and that too within seconds. Even on Sundays and holidays the transactions can be processed through safer, simpler and secure methods. BANKIT also offers basic daily needed services like Recharges, Bill payments and travels & stay bookings etc, prepaid cards which can be use for online shopping, movie, PoS and at ATM. We are also working on advance service solutions like block chain, API solutions for B2B clients etc. 3. What are the challenges that you face while educating Retailers? Associating ourselves with the retailers was a real time challenge from various angels. The first and the foremost barrier, we came across was the psychological barrier, where it was not at all easy to convince the retailers to indulge into BANKIT operations, as their side business or as a medium to earn extra money (reluctant to try new things). Secondly, the technological challenges with the retailers like being less techno savvy and poor internet connections in the interiors of the rural India was a hurdle faced by team BANKIT. Not just these, competition from other fintech players as well as language barriers due to diversity of our country were other few challenges that team BANKIT gradually coped up over the time. Fortunately we are learning from time and now. 4. How BANKIT is different from other banking correspondence or its competitors? We are an advanced technology driven company and have a dedicated in-house R&D team and this is our core strength which keep us one step ahead from all our competitors. Our payment solutions are 100% safe & secure, faster and easy to operate compare to others. Another factor is that we are a progressive and socially responsible organization which has a strong believe in creating entrepreneurship across the country. We are also working for underprivileged section of the society to make them self reliant and independent under our CSR programme Unnati Ka sathi. We are not only opening our Outlets in the metro cities and urban areas as well as in the rural and remote areas of the country. 5. How is BANKIT helping people become entrepreneur? BANKIT is a B2B portal and strongly encourages and empowers the spirit of entrepreneurship. The phrase –”Be your own boss” is what we have been extensively focusing and repeating throughout to indulge and involve our channel partners. Also, it’s never too bad to make some extra money. Team BANKIT is not only involving the existing retailers to benefit and indulge the money making model but also tapping the young population of the rural areas to choose this as the primary work as BANKIT can turn the willing aspirants to turn into entrepreneurs with limited resources and almost no investment, without letting them to leave their home and family in search of jobs and migrating to far off cities. 6. How do you see role of technology in financial inclusion? Technology plays an indispensible role in all the financial Inclusions. It helps to expand the reach of services, and makes almost every processing/ transaction faster, safer and quicker. When technology goes hand in hand in terms of financial inclusions it turns out to involve very low cost or majorly reducing all the infrastructural cost etc. 7. What is BANKIT’s expansion target for FY 2018-19? How do you plan to achieve it? BANKIT targets to open 10,000 Retail outlets across India, which also means creating 10,000 new entrepreneurs at the same time. For achieving it’s expansion target BANKIT is envisioning to tap the new geographic areas (particularly to the eastern and southern part of the country) for expansion of its Retailer network channel. In addition to this, launch of our new products like AEPS, UPI and new Prepaid cards will play key role in this expansion drive. 8. How do you see the future of fintech industry ? The Fintech industry is one of the fastest growing industry and extensively encouraged by Government of India. Government has been dedicatedly eyeing on Fintech industry as Digital India is one of the dream project of our Hon’ble Prime Minister Sh. Narendra Modi. The Government too has recently framed a body to monitor and track the movement and scope which shows the interest and sincerity to push this industry to grow leaps and bounds. So this industry has a lot of potential and opportunity in the near future. 9. What is the support from the govt. which Fin tech start-ups are getting? Do you think the environment is conducive for startups to flourish? Currently, Startups are the most evolving and booming sector of the country. It is the vision of every second youth, to get on with his idea to work out and grow as a successful entrepreneur. While every business contributes for the growth of the economy, similarly Fintech startups too add revenue for the prosperous growth and development of the country. In a developing country like India Fintech or probably any start-up is strongly supported by Government be it be for funding or any other infrastructural, technological or documentation and taxation grounds. Government is extensively supportive and flexible enough to promote the growth and development of Startup culture. 10. India’s fintech sector is facing a shortage of future-ready tech talent. What is your view on the same? How can it be addressed? Do we need changes in the existing curriculum to develop the skills needed? Yes, it is true enough that India’s fintech sector is facing a shortage of future-ready tech talent as there is no such curriculum or academic skill/ degree that encourages the younger generation to head towards technology driven culture. While with the startups being at the nascent stage, there need to be encompassing of the curriculum that drives industry ready professionals. So, a curriculum that balances the practical as well as theoretical knowledge and drives the student to bridge the gap in application of their knowledge in the practical/ real space is the need of the hour that needs to be addressed immediately, over the coming years.


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