I really love how technology makers bridge the gap between Labs and Common people.Integra Microsystems new innovation iMFAST helps to do branch less secure banking in remote villages in India where ninety percent of rural residents lack bank accounts
Here is the real video how Karehanumaiah a 55-year-old agricultural laborer opens account with Corporation bank and deposits money.
In this video, Karehanumaiah uses a desktop terminal to deposit 150 rupees into his new account at Corporation Bank, with help from Muniyamma Ramanjanappa, a village resident who conducts these transactions in her concrete house as a bank representative.
First, a smart card and a thumbprint scan prove his identity. Next, Ramanjanappa updates the bank balance information on his smart card by connecting the terminal to the bank database with a cell phone. Finally, Karehanumaiah hands Ramanjanappa the cash and gets a receipt for his deposit (which brings his balance up to 160 rupees). To their left is Ram Sirupurapu, executive director of Integra Microsystems, the maker of the terminal. Ramanjanappa makes weekly trips to the Doddabenavengala branch with the cash. And now that Karehanumaiah has a bank account, he can borrow money from the bank at rates of between 8.5 and 13 percent annually–far less than in the informal system–and gain a toehold into the formal economy.
Kudos to Ram Sirupurapu and his team
