PayNearby becomes India’s first fintech to digitise SHG cash withdrawals and deposits with dual authentication
FinTech BizNews Service
Mumbai, 7 January 2026: PayNearby, India’s leading branchless banking and digital financial services network, has pioneered a secure dual-authentication based solution to digitise cash withdrawals and deposits for Self-Help Groups (SHGs), implemented across the PayNearby and Digital Naari platforms. This innovation addresses a critical operational bottleneck in SHG-bank linkage by enabling compliant, transparent access to group funds without requiring repeated physical visits to bank branches.
The service is set to benefit up to 1 crore SHG members, strengthening access to financial services and supporting smoother fund flows at the last mile.
Conventional SHG withdrawal processes typically mandate the physical presence of two authorised signatories at a bank branch, often resulting in delays, high transaction costs, and limited participation by women members. These constraints frequently lead to idle or informally held cash, undermining timely utilisation of funds for livelihood activities, micro-enterprises, and community development outcomes.
By enabling last-mile access to secure cash-in and cash-out (CICO) services within local communities, PayNearby’s SHG digitisation capability strengthens financial access, governance, and fund utilisation at the grassroots level. The dual-authentication mechanism embedded across its platforms ensures accountability, auditability, and risk mitigation, while empowering SHG members—particularly women—to transact digitally and independently.
This intervention contributes directly to global and national development priorities, including women’s economic empowerment, inclusive financial systems, and digital public infrastructure.
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, commenting on the launch, said, “SHGs play a pivotal role in rural economic progress, but accessing funds by members has always been cumbersome. With the dual-authentication SHG module, we are bringing secure and convenient access to every village, every doorstep. The integration of technology with the trust of our local business agents will not only save time but empower SHG members with access to financial services, strengthening families and communities across Bharat.”
Jayatri Dasgupta, CMO, PayNearby and Program Director, Digital Naari, added, “Self-Help Groups are central to rural economic development, particularly in advancing the economic agency of women and underserved communities.
Through this innovation, we aim to strengthen rural livelihoods by ensuring that every woman can access her own money with dignity, ease, and trust. Our Digital Naaris have emerged as powerful enablers of community-led change, and this initiative marks an important step towards building inclusive financial systems and bringing Bharat closer to true financial empowerment.”
The launch reaffirms PayNearby’s commitment to building a digitally enabled Bharat where financial inclusion is not merely about having a bank account, but having convenient, secure, and instant access to funds where they are needed the most.
