FINO, Reliance Fin to provide credit to rural poor in Maha, MP

Payments technology company FINO PayTech (FINO) today said it has tied up with Reliance Commercial Finance to provide credit to rural poor in Maharashtra and Madhya Pradesh.
FINO Fintech Foundation, an associate company of FINO, would source and service customers on behalf of Reliance Commercial Finance, a press release said here.
"We are pleased to partner with Reliance Commercial Finance in its efforts to bring credit closer to poor rural masses," said Vipr Bhardwaj, Executive Vice President and Head - Lending business, FINO PayTech.
Bhardwaj added that the tie-up will help FINO improve the product bouquet for its payments bank, for which it has received in-principle approval.

Reliance Commercial Finance CEO K V Srinivasan said, "Our tie-up with FINO is part of our effort to continuously expand our reach and grow business manifold over the long term."
A pilot project has been initiated in Vidarbha region in Maharashtra, and Bhopal, Hardha, Khandwa, Vidhisha, Khargone in Madhya Pradesh, where loans are being disbursed under Joint Liability Group (JLG) model.
Reliance Commercial Finance will offer small loans to women borrowers for a tenor of up to 24 months for carrying out revenue-generating activities.