In a major push towards financial inclusion, PayPoint India has entered into a partnership with one of India’s leading banks, Bank of Baroda (BoB) to provide banking services across the country through the Business Correspondent (BC) model.
Commercial banks have been finding it unviable to set up owned branches at remote locations and smaller centres, but with PayPoint India’s proven expertise in taking financial and payment products to the remotest locations through its vast and ever-expanding distribution network. Almost all essential banking services can be delivered through BC customer service points.
Besides commercial banks, many renowned service providers, including insurance companies, Telcos, Electricity boards, and even IRCTC, use the PayPoint India network to reach out to their customers across India.
As a PSB, Bank of Baroda, a premier bank known for its efficiency and customer-friendly attitude, has to meet the financial inclusion targets fixed by the government and the Reserve Bank of India (RBI). Through this relationship, BoB will be able to fulfill its social obligation of financial inclusion with greater ease as PayPoint India, an experienced Business Correspondent of several banks, can shoulder the responsibility of the Bank towards financial inclusion to a very large extent.
At its exclusive BC Customer Service Points for Bank of Baroda, PayPoint India will offer several services and open Savings Bank/PMJDY accounts and provide withdrawal, deposit, and money transfer services, and several other services viz; passbook printing, the opening of recurring deposit and fixed deposit accounts, loan repayments, AePS and m-ATM withdrawals for the account holders of other banks, Social Security Schemes of the Government of India, etc.
Commenting on the development, Mr. Ketan Doshi, Managing Director of PayPoint India, said, “It is with great happiness and pride that we announce this partnership with Bank of Baroda to extend banking services to the far corners of the country. This will not only ensure growth in our scalable model but also help in achieving the larger goal of bridging the financial inclusion gap between urban and rural India. It will take banking to the doorstep of customers in the hitherto-unbanked hinterland and help them make informed choices and avail of utility services at their convenience.”