Journey from financial inclusion to financial well-being

FIA's Covid-19 Support: 2M Banked, $20M Relief, 30K Villages

Over 1 billion Indians now have bank accounts. However, India continues to remain a cash-intensive economy. The poor still havea inadequate access to formal credit, investment and insurance products. They mainly depend on household income or savings to fund emergency expenses with zero risk management strategies.

The virus outbreak has accelerated the adoption of contactless digital financial services. FIA has leveraged on this opportunity by building one of the largest digital banking mobile platform – FinTap@AI.

FIA centers continued supporting the cash-intensive economy through the Covid-19 crises. FIA banked more than 2 million people (mostly women), disseminated vital covid information to 30,000+ villages and distributed $20 million in covid cash relief to individuals.