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Business Economy

Sarvatra Technologies brings 450th Co-operative Bank on National Financial Switch

New Delhi, Aug 17 (UNI) Sarvatra Technologies, India’s leading end-to-end payments and banking solutions provider, announced that they have successfully on-boarded ‘Sevalia Urban Co-operative Bank’ as 450th co-operative bank on National Financial Switch (NFS).
With this addition, the company has enabled as many co-operative 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 digitising small co-operative 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 co-operative 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 including Paytm Payments Bank and Equitas Small Finance Bank.

Sarvatra backed by prominent investors like Vallabh Bhanshali, Chairman, , ICICI Bank, Indian Overseas Bank and Oracle Financial Services Software, has played a vital role in contribution towards Financial Inclusion in India.

Co-operative banks earlier had poor network connectivity across branches and were disconnected with other large banking fraternity. 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 has led to reduced operating cost for them.
Company has on boarded banks across India covering 23 states and three union territories. Sarvatra works very closely with its sponsor banks - HDFC Bank, ICICI Bank, Axis Bank and Yes Bank, according to a release issued here.

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