BLS E-Services & Kotak Mahindra Bank Spearhead FI in Initiative

The Master 1 Business Correspondent Agreement, inked for an initial three-year term and extendable for an additional year, marks a pivotal moment in the quest to broaden financial access throughout India

Shikhar Aggarwal, Chairman of BLS E-Services

FinTech BizNews Service

Mumbai, January 9, 2024: BLS E-Services, a subsidiary of BLS International, proudly announces a ground-breaking collaboration with Kotak Mahindra Bank, a distinguished name in India's banking sector. The Master Business Correspondent Agreement, inked for an initial three-year term and extendable for an additional year, marks a pivotal moment in the quest to broaden financial access throughout India. This strategic alliance is poised to reshape the financial landscape, fostering inclusive growth and empowerment.

Solidifying the commitment of both entities, the Master Business Correspondent Agreement underscores the shared vision to provide accessible and affordable banking services to the underserved and unbanked sections of the population.

Commencing its holistic approach to financial inclusion, the partnership will be inaugurated at 1000 carefully selected locations spanning Punjab, Haryana, Gujarat, Maharashtra, and Karnataka. This regional focus aims to drive economic empowerment and growth, creating a ripple effect in these pivotal areas.

Shikhar Aggarwal, Chairman of BLS E-Services, expressed enthusiasm about the collaboration, stating, "Our transformative partnership with Kotak Mahindra Bank marks a revolutionary step in advancing financial inclusion. Together, we embark on a mission to transcend boundaries and bring essential banking services to the remotest corners of our great nation. This partnership is not merely a collaboration; it's a catalyst for transformative change, an instrument of empowerment, and a testament to our shared vision for a more financially inclusive India."

The Master Business Correspondent Agreement encompasses a comprehensive range of financial services designed to meet the diverse needs of individuals, businesses, government entities, and institutions. BLS E-Services, as part of this strategic collaboration, will provide a suite of banking solutions, including Savings Accounts, Current Accounts, specialized Government and Institutional Accounts, Recurring Deposit (RD), and Term Deposit (TD) services.

In addition to traditional banking services, the agreement facilitates access to credit facilities and payment solutions through Loans and Cards, ensuring financial flexibility for customers. The partnership extends Micro Insurance and Micro Pension services for the underserved and vulnerable segments, promoting financial security. Furthermore, it seeks to enhance convenience with Cash Deposit and Cash Withdrawal services, making banking accessible to all.

As India progresses towards a more inclusive and digitally connected economy, BLS E-Services and Kotak Mahindra Bank stand at the forefront of this transformation. The collaboration aims to bring banking services closer to the people, contributing to economic growth and laying the foundation for a financially empowered India.

About BLS E-Services:

BLS E-Services, a subsidiary of BLS International, stands as a leading technology-enabled digital service provider in India, offering a diverse range of services that encompass Business Correspondent services, Assisted E-services, and E-Government Services. These offerings are all geared towards grass-roots empowerment, revolutionizing how essential services are accessed.

Through its robust network, BLS E-Services plays a pivotal role in facilitating access to a wide spectrum of essential public utility services, social welfare programs, healthcare, finance, education, agriculture, and banking services. This array of services caters to governments (G2C) and businesses (B2B), while also catering to the diverse needs of citizens (B2C) across urban, semi-urban, rural, and remote areas. Operating within a unique integrated business model, BLS E-Services bridges the digital gap in areas with low internet penetration by offering both digital and physical solutions.

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