Prelude

BASIX Sub-K iTransactions Limited (Sub-K), a subsidiary company under BASIX, is an initiative incubated with a vision to provide a transactional platform for basic financial services. The financial services include Savings, Micro-Pensions, Micro-insurance, NREGA and other Government payments, Remittance, Micro-Credit, Utility Payments and  Mobile Top-ups through a Business Correspondent Outlet (BCO) thus, enabling Financial Inclusion(FI) which is the vision for our developing country. 

Increasing demand for basic financial services amongst all social classes, need to include the financially excluded, and rapid adoption of Mobile technology among masses, has acted as a catalyst to enable Sub-K. Sub-K which means less than 1000 was envisaged with a context that people could access financial services within a distance of 1000 meters (1 km), with a transaction value of less than Rs. 1000, and by incurring a transaction fee that is less than 1000 paise (Rs. 10), and an outlet serving about 1000 customers in a locality.

Mobile Technology has made the single most important impact on the citizens, both rural and urban, in the last decade but this digital platform has not been made use of to further rationalize the impact it can have on daily lives of individuals. Sub-K will use this highly scalable digital channel to provide access to the basic financial services to all social classes thus impacting their socio-economic lives in a big way.

Vision: All Indians will be able to undertake day to day transactions in an accessible, affordable, and secure manner

Mission: To provide financial transaction services nationwide through a network of Business Correspondent Outlets (BCOs) that will function as a network of human ATMs spanning across pan India by providing the last mile connectivity.