The year demonetization hit India, the use of UPI increased, and people started making digital payments instead of paying in cash. Before 2016, India was known to be a cash economy, but from 2016, the Indian economy started turning into a digital one.

When it comes to making payments, cash has been dominating the market ever since people started exchanging things for money. However, the way tables have turned is applaudable. Cash, which people would love to keep in their pockets/wallets/purses has turned into a digital instrument. People are still carrying cash but in its modern digital-cashless form. The transformation of paper money into digital money is taking over the world and the Indian population is no exception.

India is one of the fastest-growing economies in the world. However, out of 100% population, 70% population still struggles to get seamless availability of banking and financial services. The lack of bank branches/ATMs in rural and semi-urban areas could not fulfil the needs of the gigantic population of India.

Read an article in Express Computer Online penned by Mr. Amit Nigam Executive Director & COO BANKIT on India’s fintech sector in the current scenario . Mr. Amit Nigam said The raging global pandemic has taken a heavy toll on global economies and financial markets including India’s fintech sector have seen a slump. With the end of the pandemic not yet in sight there is a looming uncertainty vis-à-vis the future of Indian fintech despite the sector getting back on its feet slowly.

BWDisrupt featured BANKIT in a story titled Companies Propelling Atmanirbhar Bharat 3.0 . The story covered how BANKIT supporting government s Atmanirbhar Bharat by generating job opportunities for workers and labourers.

Noida based fin-tech company BANKIT is helping hyperlocal businesses in simplifying order payment and additional services at the store amid this lockdown. BANKIT is equipped with more than 50 000 kirana stores with additional services like cash transfer online order cash withdrawal travel booking etc to empower their business. Read the full article

ETHRworld featured BANKIT in an industry story titled Startups come to rescue villagers and migrants from clutches of Covid-induced unemployment . The story covers BANKIT initiatives for providing livelihood to migrant workers in their home villages lost their jobs during the Covid-19 led lockdown. BANKIT is promoting rural entrepreneurship and onboarding banking agents many times than what we used to onboard in pre-Covid times. Please read the complete article:

The gigantic reverse migration of laborers from cities to the villages, in the initial weeks of the lockdown imposed due to the COVID pandemic, once again highlighted the disproportionate concentration of economic opportunities in the country’s urban areas. Lakhs of migrant workers had to return to native towns and villages, with no source of income in view and the need to carve out a new life for themselves and their families.

The Hindu Business Line writes about BANKIT in their story on "BANKIT strengthening its agents-network aggressively". BANKIT's COO and Executive Director, Mr. Amit Nigam said the company brought within its fold 4,000-5,000 banking agents/ business correspondents every month, the last couple of months.
Please read the complete article here:

BW Disrupt website featured BANKIT in a top five startups for developing banking framework at the grassroot level using technology through a chain of local kirana shops, retail stores and other merchants. 

Read more at : 

BANKIT's Executive Director & COO Mr. Amit Nigam spoke to the Economic Times on "Migrant Workers turn towards banking for employments". He said that "Under this banner, shop owners are not asked by local area authorities to shut shops as our services come under essential" Such inquiries "more than doubled in April"