BLS E-Services, a subsidiary of BLS International, partnered with Kotak Mahindra Bank in a Master Business Correspondent Agreement to expand its financial access across the country. This ground-breaking collaboration will reshape the financial scene and promote growth that is inclusive.
The Master Business Correspondent Agreement, which was signed for a three-year initial term with a one-year extension option, demonstrates the mutual commitment of BLS E-Services and Kotak Mahindra Bank to provide accessible and reasonably priced banking services to the underserved and unbanked populations.
Initially, 1000 carefully chosen sites in Punjab, Haryana, Gujarat, Maharashtra, and Karnataka will host the implementation of this comprehensive approach to financial inclusion, which will promote economic development and empowerment in these areas.
Shikhar Aggarwal, Chairman of BLS E-Services, said, “Our ground-breaking partnership with Kotak Mahindra Bank heralds a revolutionary chapter in the realm of financial inclusion. Together, we embark on a mission to transcend boundaries and bring the essential realm of banking services to even the remotest corners of our great nation. Our unwavering commitment ensures that every Indian, regardless of their location or background, has the opportunity to access the financial tools required to forge a prosperous and secure future. This isn’t just a partnership; it’s a catalyst for transformative change, an instrument of empowerment, and a testament to our shared vision for a more financially inclusive India.”
A wide range of financial services are covered by the Master Business Correspondent Agreement between BLS E-Services and Kotak Mahindra Bank, which is intended to satisfy the various demands of people, companies, institutions, and the government. BLS E-Services will provide a broad range of banking options under this strategic agreement, including personal current and savings accounts, as well as specialised government and institutional accounts.
For those who want to prudently save and invest, the agreement also offers services for Term Deposits (TD) and Recurring Deposits (RD). Furthermore, consumers will be able to access credit facilities and payment options via credit cards and loans, guaranteeing their financial flexibility. Micro Insurance and Micro Pension services would be made available to the underprivileged and vulnerable groups, fostering financial security. Additionally, by providing Cash Deposit and Cash Withdrawal services, the alliance hopes to improve accessibility to banking for everyone.
BLS E-Services and Kotak Mahindra Bank are dedicated to leading this shift as India moves forward to become a more digitally connected and inclusive economy, bringing financial services closer to the public and promoting economic growth.