Mumbai: Sarvatra Technologies, a payments and banking solutions provider, in an official note has announced the on-boarding of 'Sevalia Urban Co-operative Bank' as the 450th co-operative bank to be onboarded to the NPCI's National Financial Switch (NFS).
Sevalia Urban Co-op bank is a nearly forty year old bank based out of Kheda in Gujarat.
Member banks on the NFS, can offer customer-centric services such as cash withdrawals, balance enquiries, PIN change, mini-statements from the over 2.5 lakh ATMs connected by NPCI.
An NFS membership enables co-operative banks to render digital banking and ATM services which otherwise are usually cost-prohibitive.
Dilip Asbe, the MD & CEO at National Payments Corporation of India explained, "Sarvatra started with NFS, providing RuPay Debit and Kissan Credit Cards issuance and enabling transactions on ATMs, POS and eCommerce. They are bringing sub-member banks on other NPCI platforms like IMPS, UPI, AePS and Bharat BillPay. Sarvatra not only on boards UCBs but also SCBs and DCCBs which is helping in financial inclusion."
In an official note, officials from Sarvatra explained that with Sevalia's addition, they were looking to touch Rs 40,000 crores in gross transaction values in FY19, besides, it was also aiming to add another 50 co-operative banks by the end of the fiscal year.
"Co-operative bank customers are increasingly relying on digital payment services. From a relatively small amount transacted earlier, the transaction value on Sarvatra platform has grown ten-fold in the past five years. In 2018, the transaction value is set to touch Rs. 40,000 crore and is expected to continue growing exponentially over next few year," Mandar Agashe, Founder and Vice Chairman at Sarvatra highlighted.
Sarvatra has the backing of prominent investors such as Vallabh Bhanshali, Chairman, Enam Group, ICICI Bank, Indian Overseas Bank and Oracle Financial Services Software.
The company also added that it has served banks in their digital journey. Clients include co-operative banks as well as large lenders such as ICICI Bank, IDBI Bank and new generation clients like Paytm Payments Bank, Equitas Small Finance Bank etc.
Co-operative banks earlier had poor network connectivity across branches and were disconnected with other large banking fraternity.
Sarvatra Technologies' SaaS based technology infrastructure for banks has helped centralize systems and participate in the national payments network.