BASIX Sub-K means "for everyone" in Hindi language and below "one thousand" in English , indicating touch points within 1,000 meters distance, offering transactions of less than 1,000 rupees , providing access to less than 1,000 households at a cost of 1,000 paisa.
Sub-K operating model emerged as a distinct model when compared to other FI initiatives. Sub-K’s innovative operating model is simple to adopt. It thoroughly leverages local entrepreneurship and cell phone connectivity to take banking to the doorsteps of hitherto unbanked households. In this model, local retailers (primarily grocers, called “Kirana Shops” in local parlance) are appointed and trained to be agents and service as bank’s representative.
Our approach ensured that services are accessible, reliable and convenient for the customer
Sub-K model is an extremely low cost model which requires minimal Capex and very low Opex
Sub-K meets the financial needs of the customer by offering a range of products and services that are broadly categorized into Business Correspondence (BC), Business Facilitation (BF), Payment Services (G2C & B2C) and Value Added Services
Sub-K leverages every channel – 4500+ BC Outlets, over 3500 CSCs (e-mitra centres in Rajasthan) technology enabled transactional platforms.
Sub-K provides business facilitation by extending microcredit through RBL Bank to the urban and rural people of Maharashtra, Karnataka, Goa and Chhattisgarh states as per the bank’s mandate. Under this arrangement, while all products and services are provided by RBL Bank, Sub-K extends support in client origination and client servicing.
BASIX Sub-K has won a mandate from Rajasthan government to set up e-Mitra CSCs. 3500 + e-Mitra centres in 17 districts have been rolled out till date. Other than G2C services these centres also offer B2C and BC services.
These outlets are managed by agents who are virtually available 24x7 since they are local residents with a reputation for service quality
Our agents are located in a fixed place, identify themselves with a bank and operate through self-funded wallets, thus ensuring trust among the community and eliminating cash risk.
Sub-K developed an in-house technology platform ViTranSP that integrates seamlessly with all core banking systems and payment systems of the third party service providers, and enables fully authenticated transactions in real time basis with < 1% failure rate.
Blending of technological strength with BC agent management capabilities minimizes dependence on external agencies and provides complete control on the channel.