Bussiness Ideas

We find that in the third world countries like India we have more than 50 percent of the earning population have unstructured and undocumented income i.e. they do not have any kind of receipts, salary slips, P&L statements, IT return etc. which can be accepted as a proof of income (Small n midium farmers, Daily Laborers, Maids, Drivers, Micro entrepreneurs, Gig workers etc.). They are mostly into cash transactions. Since their income are undocumented they do not have any Financial Identity , Credit score etc., to enable them to obtain financial loans and other instruments like credit cards, insurance etc. from the formal economy like banks ,NBFCs, insurance etc. Insurance companies are reluctant to underwrite life or accidental insurance for otherwise eligible amount in absence of reliable income estimate. However today most of them have a proof of identity (Aadhaar) and a Jan Dhan bank account. (JAM trinity). All they require is “Financial Identity” and Arthavedika is solving this problem for the missing middle through our platform along with field services through Business Correspondents