Kozhikode, Kerala. Thenhipalam cooperative rural bank becomes the first in Kerala to embrace latest Digital Banking movement, by transforming Kohinoor village in Malappuram into a cashless cardless e-village. Local business at Kohinoor Village has been restored to normalcy due to the innovative new solution conceptualised by Sesame. Every shop in the village, whether local grocer or meat shop, can now receive payments through mobile phones, circumventing the need for paper currency.
Kohinoor village, some 27 kms from Malappuram, has adopted digital banking, allowing people to pay for anything -from buying milk to getting clothes tailored- with just few clicks on their mobile phone. This ultra-low cost solution does not require any additional hardware like card-swipe machine or require people to transfer funds to any third-party e-wallet application, which has led to widespread acceptance of the solution. The funds are instantaneously transferred directly into the bank account of the vendor.
Vinod VC, M.D. and founder said, “We are proud to successfully implement this solution under short deadline and are confident that this model can be implemented in scores of other villages in Kerala where mobile phone penetration and internet connectivity is available.”
About Thenhipalam Co-operative bank
The cornerstone of Thenhipalam Co-operative Rural Bank Ltd. laid and registered on 16th August 2002 with Thenhipalam, Peruvallur, AR Nagar Panchayaths as its area of operation with 100 members with a motto of providing professional Banking Services to the members and to the region. Bank also provides assistance to plan the finance and also enable the beneficiaries to enjoy the privilege of professional Banking Services. As part of its social commitment Bank is also providing micro and small savings schemes to provide financial independence to its members and to the rural agricultural community.
About Sesame Software Solutions Sesame
A Speridian company, is amongst the forerunners for delivering Core Banking Software (CBS) solutions and boasts various FinTech solutions that caters to different requirements of banks. Over the years, Sesame has been synonymous with quality, integrity, innovation and providing excellent service to customers. Sesame grew on to gain over two decades of experience witnessing many technological adoptions in Banking; creating new dimensions for the individual and corporate financial needs. We have successfully fine-tuned ourselves to the latest banking trends and demands, building a track record of inspired innovation.
Nov 30 2016