BOI has in principally approved to pick up 19.90% equity stake in the proposed Payments Bank promoted by YouFirst Money Express Pvt Ltd, which has filed an application with the RBI on Feb 2, 2015.
“We will collaborate on a number of praposed business initiatives to contribute towards the development of the Indian financial industry. While YouFirst would strive to bring the financially under-served in the financial services mainstream, Bank of India will compliment by addressing credit needs of the customers wherever required,” said. V. Iyer, Chairman & Managing Director, Bank of India.
With this partnership, we aim to service them better, not just with payments and savings (CASA) products but also harness BOI’s offerings on credit & third party products,” said Vikrant Gugnani, founder, YouFirst Group.