This invention relates to a single step process for the production of a nutritionally rich, low alcoholic beverage comprising the step of treating steamed rice with a bacterium having 99% 16S rRNA sequence similarity with B. megaterium, strain IAM 13418 and 98% 16S rRNA sequence similarly with B. flexus, strain IFO 15715, subjecting the mixture to fermentation to obtain a fermented slurry, followed by filtration of the fermented slurry obtain the beverage as the filtrate.