Empowering underbanked communities with secure, seamless, and smart digital financial tools
A project by Team Exception | Built for the Odoo x Charusat Hackathon
RuralFin bridges the financial gap for rural and low-income individuals by providing a secure and transparent financial platform. Built using the MERN stack, our solution leverages agents to revolutionize rural banking—all without requiring a traditional bank account.
💡 "Over 190 million Indians remain unbanked. 82% of rural transactions are still cash-based."
Rural citizens face barriers like:
- Lack of banking infrastructure
- Language/literacy hurdles
- No digital trust
- Fraud risk in mobile transactions
- Limited access to financial literacy
RuralFin addresses this by providing:
✅ Agent-assisted deposits and withdrawals
✅ Online payment without traditional bank account
✅ Budget tracking
- 📍 Rural and semi-urban residents
- 💰 Low-income individuals
- 👩 Women with limited financial access
- 📱 First-time mobile banking users
- 👨👩👧👦 Local businesses and families
| Layer | Technologies Used |
|---|---|
| Frontend | React.js, Redux, Tailwind CSS |
| Backend | Node.js, Express.js, JWT, Socket.IO |
| Database | MongoDB |
- Agents handle deposits/withdrawals using a security deposit bond
- Liquidity ensured via pooled funds or instant bank settlement
- Admins monitor agents and prevent fraud
- Users set budgets during signup
- Alerts on overspending
Deposits cash at an agent → He receives it digitally → Spends using RuralFin
Visits agent → Deposits ₹ → Buys groceries using Online payments by RuralFin
Tracks expenses → Sets budgets → Learns to save → Reduces monthly costs
ruralfin/
├── client/ # React + Redux frontend
├── server/ # Node.js backend with Express
├── .gitignore
├── README.md
├── package.json
├── package-lock.json
⬇️ 30% reduction in rural cash reliance
📈 Increased agent engagement via commission
🧠 Better user saving habits via budget tracking
🔒 Boosted trust with dual authentication