Adarsh Credit Co-operative Society Ltd, India's largest credit co-operative society has tied up with Adobe to provide paperless financial services to its members.
With the integration of Adobe Sign, an e-signature solution, to their documentation process, members of Adarsh Credit will be able to carry out financial services without usage of physical KYC and provide e- signatures through smart phones for the online forms. The process of enrollment of members would be carried out digitally. This partnership with Adobe will further boost digitization and is a step towards cashless economy. Adarsh Credit is also the first credit co-operative society in India to carry out financial services digitally.
Rahul Modi, MD, Adarsh Credit said, "This tie-up is in line with PM Modi's directive for digitizing the nation and promoting financial inclusion using Aadhaar and other digital modes. Adarsh Credit through its 100 percent digital business is providing financial services in the rural masses and promoting the usage of digital money. Today, 100 percent of all transactions in Adarsh Credit are done through Adarsh money mobile application. In the support of digitization move of the Government of India, Adarsh Credit has given smart phones to all its advisors so that they can focus on digitization and financial inclusion in the country. With the help of these efforts, Adarsh Credit will become cashless, branch less and paperless in the near future."
Speaking on the partnership, Sunil Mohapatra, Director-South Asia Region, Adobe said, "We are delighted to partner with a new age financial services institution such as Adarsh Credit and support them in their vision to become a branchless and paperless firm. With the implementation of Adobe Sign to their document process, and the recent integration of our e-signature solution with Aadhaar, we hope to provide easy and reliable experiences to their members and support the larger digitization drive in the country."
Adarsh Credit has won many accolades and awards for new technology adoptions. Adarsh Credit has been conferred upon with "Best Adoption of Technology in BFSI" at the SAP ACE Awards in 2015. Adarsh Credit was also awarded by "VMWARE" in association with "ET NOW" for the achievements of excellence in IT Services provided to the customers in 2014. Adarsh Credit has been conferred with award for mobility project at the annual summit of financial inclusion and payment systems (FIPS), 2014 held at New Delhi.
Adarsh Credit has also signed an agreement with Oxigen Services, India's leading payment solutions provider. Adarsh Credit has decided to use Oxigen's existing retail network of 200,000 retail points, who will become business correspondents of Adarsh Credit.
Adarsh Credit is working towards a safer and secure financial system in India through its implementation of block chain solutions in partnership with Bank Chain. Adarsh Credit's partnership with Bank Chain is an example of technology innovation in India's financial system to enhance security and providing a trusted computing environment.
Currently, Adarsh Credit Co-operative Society, owns a core transaction platform (license buy with SAP) and without being a bank, has 809 branches, 3, 50,000 advisors, of which 1, 50,000 are active transacting advisors, servicing 20 lakh members. These members subscribe to shares of Adarsh and put deposits at better rates.
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