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Dvara KGFS Records Cash Withdrawals of Rs 7 Crore During Lockdown: CEO

Representative image.

Representative image.

The CEO said since the lockdown and the announcement of the loan moratorium by Reserve Bank of India there has been limited activities across the company's branches on loan disbursements and on the collections front.

  • PTI
  • Last Updated: June 25, 2020, 6:37 PM IST
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Non-banking finance company Dvara KGFS has served around 45,000 villagers across the country and was able to facilitate withdrawal of Rs 7 crore over the last three months during the COVID-19 lockdown, the firm's CEO Joby C O said on Thursday.

Around 1,000 wealth managers reached out to the villagers with the Aadhar Enabled Payment System (AEPS) service provided by the firm to facilitate financial transactions using the platform provided by the company during the virus enforced shutdown.

The CEO said since the lockdown and the announcement of the loan moratorium by Reserve Bank of India there has been limited activities across the company's branches on loan disbursements and on the collections front.

"..we have used this opportunity to reach out to our customers and support them to tide over the current situation.

We are happy that we were able to provide AEPS service to around 45,000 villagers and facilitate gross cash withdrawal of more than Rs seven crore through our 300 odd branches..," he said.

The company rolled out the service from April 19 to serve the rural population and it was also available at the doorstep of the customers.

It was rolled out as a pilot study in one branch in association with RBL Bank and was later enhanced to 300 branches which witnessed over 1,000 daily cash withdrawals amounting to Rs 25-30 lakh per day, the company said.

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