Indian firm Yalamanchili (Ramakrishna Yalamanchili, founder and CEO) , a provider of software and white-label acquiring solutions, has been selected as processing provider for Saral Money, India's recently launched national electronic payment service. The Saral Money project is a universal financial inclusion effort involving five major Indian Banks, Visa, and the Unique Identification Authority of India. FIs in the project include Axis Bank, Indian Overseas Bank, ITZ Cash (HDFC Bank) and State Bank of India. Saral Money is based on the Visa Instant Account — essentially a reloadable prepaid card — and is aimed at India's unbanked. The initiative combines Visa's advanced network technology, the government's reach and the banks' extensive facilities to provide millions of Indians with a financial identity, said an announcement from Yalamanchili. The system will initially roll out in limited regions, where it will support cash transfers for subsidies, scholars
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