Bank of Baroda teams up with PayPoint India to expand reach. Credit: Charles Thompson from Pixabay.

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).

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Notably, 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’.