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Bank of Baroda ties up with PayPoint India to expand into rural markets

Bank of Baroda will be able to fulfill its social obligation of financial inclusion with greater ease as in rural India through PayPoint India’s business correspondent model
Bank of Baroda ties up with PayPoint India to expand into rural markets
Bank of Baroda ties up with PayPoint India to expand into rural markets

In a major push towards financial inclusion, India’s leading public sector commercial bank, Bank of Baroda (BoB) has entered into a partnership with PayPoint India to provide banking services to the non-banked rural customers through business correspondent (BC) model.

Commercial banks have been finding it unviable to set up owned branches at remote rural 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, PayPoint has said.

As a PSB, Bank of Baroda 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 fulfil 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/ Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and provide withdrawal, deposit, and money transfer services, and several other services such as passbook printing, the opening of recurring deposit and fixed deposit accounts, loan repayments, Aadhaar enabled Payment System (AePS) and m-ATM withdrawals for the account holders of other banks, social security schemes of the Government of India among various other financial services.

Highlighting the development, Ketan Doshi, Managing Director, 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.”

Read more: Insurtech start-up DigiSafe to launch insurance services across rural markets

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