Manipal Technologies Limited has teamed with the state-owned Indian Bank to promote financial inclusion through the provision of tailored banking products.
Manipal Technologies Limited on Thursday partnered with the state-owned Indian Bank to promote financial inclusion through the provision of tailored banking solutions.
The alliance intends to establish a long-term network of corporate business correspondents (CBCs) to improve the availability, cost, and accessibility of financial services, particularly in underdeveloped regions and rural areas, according to the press release.
As part of this collaboration, Manipal Technologies Limited (MTL) will collaborate closely with Indian Bank to provide tailored banking solutions in rural areas.
MTL stated that the initial focus will be on serving over 600 places and eventually extending into fresh regions in states such as Tamil Nadu, Chhattisgarh, Uttar Pradesh, Kerala, Maharashtra, Haryana, and Punjab.
Sujay Kumar, Project Leader for selection of Corporate Business Correspondent, Indian Bank, said “We aim to empower individuals with seamless access to financial services, ranging from account opening, withdrawals, deposits, lead generation, opening FDs (fixed deposits), and applying for loans. “Our alliance with MTL will further enable us to reach the last mile and serve the unbanked and underbanked customers of Bharat,”
MTL’s business portfolio includes fintech, financial inclusion, doorstep banking, fraud risk management, gold loans, digital solutions, print management, cards, commercial print, and secure solutions.
The state-owned bank recorded a 47 per cent increase in net profit for the March quarter to Rs 1,447 crore, aided by a decrease in bad loans and an increase in interest revenue.