Indian lender Bank of Baroda has joined forces with PayPoint India to offer banking services across the country.
The partnership will see PayPoint India becoming Bank of Baroda’s business correspondent (BC).
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The partnership will enable the bank to offer financial services in remotest locations by leveraging PayPoint India’s distribution network.
As Bank of Baroda’s BC, PayPoint India will be able to offer banking services such as savings bank account/PMJDY accounts, withdrawal, deposit, and money transfer through its customer service points.
PayPoint India will also be able to offer services such as passbook printing, opening of recurring deposit and fixed deposit accounts, loan repayments, AePS and m-ATM withdrawals for the account holders of other lenders among others.
PayPoint India managing director Ketan Doshi said that the partnership will help in promoting financial inclusion and bridge the gap between urban and rural India.
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By GlobalDataNotably, in July this year, the Reserve Bank of India (RBI) had imposed a fine of INR20m ($268,444) on Bank of Baroda for violating certain regulations.
Prior to that, the lender revealed plans to plans to raise $690m(INR50bn) by selling shares and bonds.
It had reported a net loss of INR10.5bn in the quarter that ended on 31 March 2021.
In other Indian banking news, last week, India’s Union Cabinet gave the go-ahead to government guarantee of $4.1bn (INR306bn) to back security receipts to be issued by the ‘bad bank’.
