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BLS E-Services and Kotak Mahindra Bank partner to revolutionize Indian Banking

Oct 18, 2023

By: BlinkX Research Team

BLS E-Services, a subsidiary of BLS International, has achieved a significant milestone in its mission to enhance financial accessibility in India. The company has entered a Master Business Correspondent Agreement with Kotak Mahindra Bank, a leading Indian banking institution. This collaborative effort aims to reshape the financial landscape and promote inclusive development.

This agreement, initially set for three years with the potential for a one-year extension, underscores the dedication of both BLS E-Services and Kotak Mahindra Bank to deliver accessible and affordable banking services to underserved and unbanked populations.

The initiative will commence at 1000 strategically chosen locations across Punjab, Haryana, Gujarat, Maharashtra, and Karnataka, propelling economic empowerment and progress in these regions.

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

Furthermore, customers will have access to credit facilities and payment solutions through Loans and Cards. For underserved segments, Micro Insurance and Micro Pension services will be available, promoting financial security. The partnership also seeks to enhance convenience with Cash Deposit and Cash Withdrawal services, ensuring banking accessibility for all.

As India advances towards a more inclusive and digitally connected economy, BLS E-Services and Kotak Mahindra Bank are dedicated to leading this transformation, bringing banking services closer to the people and fostering economic growth.