BLS E-Services and Kotak Mahindra Bank Join Forces for Financial Inclusion in India

18 Oct 2023 , 01:16 PM

BLS E-Services, a subsidiary of BLS International, has entered a Master Business Correspondent Agreement with Kotak Mahindra Bank, marking a significant milestone in expanding financial access in India.

The agreement is signed for an initial period of 3 years, with a possible extension for an additional year, demonstrating the commitment of both organizations to providing accessible and affordable banking services to underserved populations.

This initiative for financial inclusion will be initially launched at 1,000 strategically chosen locations in Punjab, Haryana, Gujarat, Maharashtra, and Karnataka to promote economic empowerment and growth in these regions.

Shikhar Aggarwal, Chairman of BLS E-Services, expressed the partnership’s groundbreaking nature and its mission to extend banking services to even the remotest corners of India, ensuring financial access for all.

The Master Business Correspondent Agreement encompasses a broad range of financial services, including Savings and Current Accounts, Government and Institutional Accounts, Recurring Deposit (RD), Term Deposit (TD), Loans, Cards, Micro Insurance, Micro Pension, Cash Deposit, and Cash Withdrawal services.

The partnership aligns with India’s path toward greater financial inclusion and a digitally connected economy, aiming to bring banking services closer to the people while fostering economic growth.

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