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3. Role of stakeholders:
4. Modus operandi:
a. Case of SHG member Loan amount withdrawal (using BC interface by animator
as BCA) SHG A/c SHG member A/c: Animator will give money to SHG
member with Aadhar enabled biometric identification. At the same time, this
member loan amount withdrawal will get reflected in EShakti data base through
App.
b. Case of SHG member Loan amount repayment SHG member will give money to
animator and Animator will transfer money using BC interface to SHG member
A/c SHG A/c. Simultaneous ebook keeping as well into EShakti data base
through App. In short, a & b are reverse of each other.
5. Issues to be examined:
Whether dual authentication of SHG leaders is required to approve any
withdrawal transaction from SHG A/c to Member A/c? If yes, then it requires
the presence of SHG office bearers for each transaction relating to their SHGs.
If no, what is the alternative?
Or some information passed on to animator regarding any loan disbursement
SHG meeting decision will hold good for transaction?
6. Benefits:
a. The aim is to provide a cashless transaction environment for SHGs in rural
unbanked areas in the larger alignment with the digital India inclusion
through:
o Lowering down the transaction costs in accessing basic financial services by
SHG members.
o All transactions (SHGs inter lending & internal repayment) will be routed
through bank and hence, there will be a transaction trail tracking of each
transaction with biometric identification. SHGs will not be handling any cash
with them, their cash in hand will be zero.
o The another important feature of this set-up will be that animators, in turn,
will be linked to ASP over a period of time and function as a collection agent
of SaaS user charges from SHGs as well. The ASP can develop a mechanism
to adjust or receive charges from animators remuneration and, in effect, this
ecosystem will sustain the project in the long run.