New Delhi, Dec 20: IFC, a member of the World Bank Group, and technology service provider Financial Information Network and Operations Private (FINO) today came together to develop banking solutions, helping microfinance institutions reach underserved markets in rural area.

FINO will offer end-to-end IT solutions banking. Its innovative products will help microfinance institutions support payments for health insurance, remittances, warehouse receipts, social and pension plans, microdeposit machines, and mobile banking.

''This joint initiative is integral to our rural outreach strategy. This platform will help microinsurance providers process health insurance claims at lower costs and improve the flow of information to the insurer from the field,'' FINO CEO Manish Khera said.

FINO and IFC will run pilot projects with leading microfinance institutions, banks, and government organisations to develop, customise, test, and expand the adoption of IT technologies in underserved rural banking markets.

The two organisations will set up related training, conferences, and workshops for microfinance institutions. Training in local dialects will emphasise the benefits of banking in rural areas and for people not currently being reached by financial services.

''We are pleased that this initiative will help improve rural productivity by extending credit and other financial services into rural India. It will also strengthen the country's IT sector as a platform for better business services and innovative product development,'' IFC Regional Director (South Asia) Paolo M Martelli said.

UNI