PayPoint India has entered into a partnership with Bank of Baroda, enabling the bank to further expand its network by utilising PayPoint’s customer service points to a reach out to a larger pool of customers and achieve a bigger geographical spread.
This move is part of BoB’s new initiative “BOB NOWW—New Operating model and Ways of Working”, aimed at rightsizing its branch network by increasing customer touch points through digital formats and business correspondent (BC) network. PayPoint will be BoB’s BC.
PayPoint, in a statement, said it will offer several services and open savings bank/ PMJDY accounts and provide withdrawal, deposit, and money transfer services at its exclusive BC customer service points (CSPs) for BoB.
The CSPs will also offer other services such as passbook printing, the opening of recurring deposit and fixed deposit accounts, loan repayments, AePS and micro-ATM withdrawals for the account holders of other banks, and social security schemes of the government.
Ketan Doshi, Managing Director of PayPoint India, said, this partnership will take banking to the doorstep of customers in the hitherto unbanked hinterland and help them make informed choices and avail of utility services at their convenience.