Bank of India (BOI), one of the largest public sector banks in India, has announced strategic alliance with YouFirst Money Express for payments bank foray.
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.
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