Sarvatra Technologies brings “Sevalia Urban Cooperative Bank as a cooperative bank on NFS
Sarvatra Technologies has successfully on-boarded “Sevalia Urban Cooperative Bank” as 450th cooperative bank on National Financial Switch (NFS). With this addition, the company has enabled as many cooperative banks on digital payment platform by making them interoperable with large banks. Contributing to the Digital India story, Sarvatra Technologies has played a very vital role in digitizing small cooperative banks across India. It has enabled lakhs of semi-urban and rural customers to the digital banking world. Sarvatra aims to add another 50-plus cooperative banks by FY 2019.
In continuation to their digital payment enabling story for India, Sarvatra has provided digital payment platform from the smallest cooperative banks to the largest lenders in India like ICICI Bank, IDBI Bank and new-generation clients like Paytm Payments Bank, Equitas Small Finance Bank, etc.
Sarvatra, backed by prominent investors like Vallabh Bhanshali, Chairman, Enam Group, ICICI Bank, Indian Overseas Bank and Oracle Financial Services Software, has played a vital role in contribution towards Financial Inclusion in India.
Dilip Asbe, MD & CEO, National Payments Corporation of India, says, “Sarvatra started with NFS, providing RuPay Debit and Kissan Credit Cards issuance and enabling transactions on ATMs, POS and eCommerce. They are bringing sub-member banks on other NPCI platforms like IMPS, UPI, AePS and Bharat BillPay. Sarvatra not only onboards UCBs but also SCBs and DCCBs which is helping in financial inclusion.”
Mandar Agashe, Founder & Vice-Chairman, Sarvatra Technologies, comments, “Sarvatra has done a pioneering role in bringing latest digital payment technologies to India’s ‘underbanked’ population. We defined financial inclusion as providing all payment facilities to a customer of a bank in remotest location of India which an urban customer of a modern bank will get in a metrocity like Mumbai. In our journey, we had to handhold smaller cooperative banks in every aspect of digitization. For large banks like ICICI Bank and Paytm, we ensured that we provided top quality payment switches like UPI and IMPS which scaled from a few thousand transactions to a few lakh transactions per day effortlessly within a few weeks.”
Sarvatra Technologies provided SaaS-based technology infrastructure for banks to centralize its system and to participate in the national payments network. Entire management of data centers and technological infrastructure have led to reduced operating cost for them. The company has onboarded banks across India covering 23 states and 3 union territories. Sarvatra works very closely with its sponsor banks – HDFC Bank, ICICI Bank, Axis Bank and Yes Bank. The company holds leadership position in providing technology for UPI transactions in India and manages more than 50% of the total transaction that is generated on UPI nationally.
Sarvatra is present in Maharashtra, Gujarat, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Kerala, Uttar Pradesh, Bihar, Punjab, etc. The company has also reached the north-eastern states of India and union territories like Andaman & Nicobar Islands in 8 years, Sarvatra went from offering digital solutions to two banks to 450+ banks and from a single payments platform to five different payment platforms, viz. EFT (ATM, POS, E-Com), IMPS, Bharat Bill Payment System, UPI, AEPS. Sarvatra’s platforms in ICICI Bank and Equitas Bank have won NPCI awards for best performance in their respective categories this year.