On September 20, 2021, Bank of Baroda (BoB) collaborated with PayPoint India under which the financial service provider will provide Banking Service through business correspondent (BC) model. This will enable BoB to expand its customer network and geographical spread by utilizing PayPoint’s customer service points (CSPs).
- This partnership is a part of BoB’s new initiative ‘BOB NOWW—New Operating model and Ways of Working’ which aims to push financial inclusion by expanding customer touch points through digital formats and BC networks.
Key Points:
i.This partnership will leverage banking services at the doorstep of customers especially in unbanked areas.
ii.PayPoint India will offer several services and open savings bank/ PMJDY (Pradhan Mantri Jan Dhan Yojana) accounts and provide withdrawal, deposit, and money transfer services at its CSPs for BoB.
- It will also provide services such as passbook printing, the opening of recurring deposit and fixed deposit accounts, loan repayments, and micro-ATM withdrawals for the account holders of other banks, and social security schemes of the government.
Recent Related News:
U GRO Capital, a technology-enabled Non-Banking Finance Company (NBFC), made a Co-lending partnership with BoB to lend Micro, Small and Medium Enterprises (MSMEs) at a competitive rate of interest with reduced turn-around time.
About PayPoint India:
Managing Director– Ketan Doshi
Headquarter– Mumbai, Maharashtra
About Bank of Baroda (BoB):
Managing Director & CEO– Sanjiv Chadha
Headquarter– Vadodara, Gujarat
Amalgamated Banks– Dena Bank and Vijaya Bank
