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Updated on: Thursday, August 19, 2021, 06:26 PM IST

Fintech firm BANKIT expects Rs 30,448 cr gross transaction value in current fiscal

PTI
BANKIT said it expects the gross transactional value to increase to Rs 30,448 crore during the current fiscal year FY22./Representational image |

BANKIT said it expects the gross transactional value to increase to Rs 30,448 crore during the current fiscal year FY22./Representational image |

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Fintech company BANKIT, which offers various banking and financial services, on Thursday said it expects a gross transactional value of Rs 30,448 crore in the current financial year, on the back of rapid growth and business expansion.

"There was substantial 2X growth and business expansion in the post-pandemic period," it said in a statement.

The gross transactional value grew by two times from the pre-pandemic period to Rs 16,984 crore in 2020-21, the company said.

BANKIT said it expects the gross transactional value to increase to Rs 30,448 crore during the current fiscal year FY22.

The company onboarded 40,000 agents during the pandemic and aims to increase it to one lakh by the end of the current financial year. Currently, there are 70,000 agents.

BANKIT is empowering local and small businesses by providing collateral-free business loans, launched to help BANKIT retailers grow their businesses.

The maximum financial traction emerged from Uttar Pradesh, Bihar, Maharashtra, Telangana, Orissa, Andhra Pradesh, Karnataka, and West Bengal, it said.

"Despite the challenges thrown by the unprecedented pandemic, the period proved to be a veritable watershed event that bestowed upon us an opportunity to stimulate exceptional growth across various business tangents," said Amit Nigam, chief operating officer and executive director of BANKIT.

He added that the company is also empowering various underserved sections of the society, especially rural women and small businesses across the country.

BANKIT has over one lakh registered users on its retailer app, enabling retailers to provide services to customers through smartphones.

The company provides services such as domestic money transfer, AePS (Aadhaar-enabled Payment System), MiniATM, cash withdrawals, prepaid cards, and recharges, among others.

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Published on: Thursday, August 19, 2021, 06:26 PM IST
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