Save Solutions Expands its CSP Services to Ladakh, UT
New Delhi : To facilitate better financial inclusion and to connect the unbanked to the financial systems, SAVE Solutions has opened 3 CSP branches in Kargil and 1 Leh in partnership with the State Bank of India. These are touted to be SAVE’s first CSPs opened at the highest altitude of 8500 feet and 12000 feet in Kargil and Leh of Ladakh, respectively. These CSPs are single window centres operated by one employee and bound to benefit the local community as well as the soldiers of the locality. The services offered at the CSPs include Passbook Printing, Account Opening, Pradhan Mantri Jan Dhan Yojana, Biometric based Cash transactions, PM Atal Pension Yojana, PM Suraksha Bima Yojana, and PM Jeevan Bima Yojana.
Ajeet Kumar Singh (MD, CEO, and Co-Founder, SAVE Solutions Pvt. Ltd) says: “Our Customer Service Points ensure that the local communities, as well as the soldiers posted in these remote areas, are provided with easy and flexible access to banking facilities, in their vicinity, without any time restrictions. SBI’s trust in us gives us the motivation to continue to work in the most unbanked regions of the country, which enables us to realize our dream of financial inclusion across the country.”
Kargil CSPs (located at an altitude of 8500 ft) were inaugurated on 3rd August in the presence of SBI’s Branch Manager Phuntsog Angchuk, Sarpanch Mohd. Abbas Khan, State Coordinator Neeraj Kumar (J &K), and SAVE’s Circle Head Madhav Mohan (Chandigarh circle, which includes the states of Haryana, Punjab, Chandigarh UT, J& K, Himachal Pradesh and Ladakh UT {Leh+ Kargil}). The setting up of Kargil CSPs was entrusted as a project for SAVE by SBI and DFS (Government of India) in April 2022, and after facing many hurdles, SAVE was finally able to successfully execute the establishment in August 2022.
Another CSP in Leh (based at a height of 12000 feet) was inaugurated on 1st Aug at T.C.A area of Leh in the presence of Branch Manager Phunsok Angchuk, CMCS Shawkat Badar, State Coordinator Neeraj Kumar, Mukhiya (Nambadar) of Sakmpri region- Tsewang Dorjay, and SAVE’s Circle Head Madhav Mohan.
Pankaj Kumar (Co- Founder and Director, SAVE Solutions Pvt. Ltd.) adds “SAVE has been actively engaged with the mission of providing last mile banking to the most remote and unreached communities of the country. We are thankful to SBI for offering us the opportunity to execute this project, as we move forward to achieve our combined goals of financial inclusion.”
SAVE (Society for Advancement of Village Economy) was conceptualized as an NGO entity in 2009 by Ajeet Kumar Singh, Pankaj Kumar, and Ajay Kumar Sinha. It was envisioned to provide last-mile banking services to the unbanked and underbanked people in rural areas of India.
SAVE became a Circle Business Correspondent of the State Bank of India, and thereafter on the basis of its performance, SBI granted the status of National Business Correspondent to SAVE in 2012. Later in 2013, Save Solutions Private Limited was registered as an entity under Companies Act 2013. SAVE made this transition in 2014 to create an enabling environment for expanding the CSP network and improving the service quality. The company today provides a one-stop solution for all financial needs under one roof. It has established a strong banking BC business in India with a trading volume of approx. Rs. 50,000 crores.