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

  • Our agents are virtually available 24x7 since they are local residents with a reputation for service quality.
  • Blends technological strength with BC agent management capabilities minimizing dependence on external agencies and provides complete control on the channel.
  • Built an in-house technology platform ViTranSP that seamlessly integrates 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.
  • 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 model is an extremely low cost model which requires minimal Capex and very low Opex.