PayNearby has introduced a dual-authentication-based solution to digitise cash withdrawals and deposits for Self-Help Groups (SHGs) across its PayNearby and Digital Naari platforms. The initiative addresses a long-standing operational challenge in SHG–bank linkages by enabling compliant and transparent access to group funds without repeated visits to bank branches.
The service is expected to benefit up to one crore SHG members by strengthening access to financial services and improving fund flows at the last mile. Traditional SHG withdrawal processes typically require the physical presence of two authorised signatories at bank branches, often leading to delays, higher transaction costs, and limited participation by women members.
PayNearby’s solution enables secure cash-in and cash-out services within local communities, supporting better financial access, governance, and fund utilisation at the grassroots level. The embedded dual-authentication mechanism ensures accountability, auditability, and risk mitigation while allowing SHG members to transact digitally and independently.
The initiative aligns with national and global priorities around women’s economic empowerment, inclusive financial systems, and the expansion of digital public infrastructure.
Commenting on the launch, Anand Kumar Bajaj, Founder, Managing Director and CEO, PayNearby, said the solution brings secure and convenient access to SHG funds to every village, combining technology with trusted local business agents.
Jayatri Dasgupta, Chief Marketing Officer, PayNearby and Programme Director of Digital Naari, highlighted the role of the initiative in strengthening rural livelihoods and enabling women to access their funds with dignity, ease, and trust.
The launch reinforces PayNearby’s focus on building a digitally enabled Bharat by ensuring secure, convenient, and instant access to financial services at the community level.
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