Equitas Small Finance Bank Limited on Monday announced it has been empanelled as a banking partner to the Government of Maharashtra with a view to offer its services to the state government employees.

The agreement will enable Equitas Small Finance Bank to distribute salaries and allowances to the existing employees apart from making provision of pension to pensioners.

The other three banks assigned the role of distributing salaries and allowances to government employees are Bandhan Bank, Karur Vysya Bank and The South Indian Bank.

The agreement is for the liability base.

The Maharashtra government has granted authority to Equitas Small Finance Bank to open salary and pension accounts for the existing and retired employees across 58 of its branches in Maharashtra. The bank is subject to withdrawal and disbursement of funds.

Murali Vaidyanathan, Senior President and Country Head – Branch Banking - Liabilities, Products & Wealth, Equitas Small Finance Bank Limited, said, "We are thankful to the authorities for allowing us to operate in the state of Maharashtra."

"Our association with Government of Maharashtra opens up avenues to leverage our 58 branches in Maharashtra to provide tailor-made solutions to institutions and helps us provide value-added services for individual customers including relationship managers, rewards for every spend and so on. It will also help us strengthen our presence in Maharashtra market and we are keen to make a difference in this space by providing value for the money invested with us," added Vaidyanathan.

Related Topics