Mumbai, 19 October, 2023: BLS E-Services, a subsidiary of BLS International, is pleased to announce a significant milestone in its mission to expand financial access across India. The company has entered into a Master Business Correspondent Agreement with Kotak Mahindra Bank, one of India’s premier banking institutions. This transformative partnership is set to redefine the financial landscape and foster inclusive growth.
The Master Business Correspondent Agreement, signed for an initial period of 3 years, with the possibility of extension for an additional year, solidifies the commitment of both BLS E-Services and Kotak Mahindra Bank to bring accessible and affordable banking services to the underserved and unbanked segments of the population.
This holistic approach to financial inclusion will be initially launched at 1000 strategically selected locations across Punjab, Haryana, Gujarat, Maharashtra, and Karnataka, fostering economic empowerment and growth in these regions.
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.”
The Master Business Correspondent Agreement between BLS E-Services and Kotak Mahindra Bank encompasses a comprehensive scope of financial services designed to meet the diverse needs of individuals, businesses, government entities, and institutions. Under this strategic partnership, BLS E-Services will offer a wide array of banking solutions, including Savings Accounts and Current Accounts for individuals, as well as specialized Government and Institutional Accounts.
The agreement also includes Recurring Deposit (RD) and Term Deposit (TD) services for those looking to save and invest wisely. Additionally, customers will gain access to credit facilities and payment solutions through Loans and Cards, ensuring their financial flexibility. For the underserved and vulnerable segments, Micro Insurance and Micro Pension services will be provided, promoting financial security. Furthermore, the partnership aims to enhance convenience with Cash Deposit and Cash Withdrawal services, making banking accessible to all.
As India continues its journey towards a more inclusive and digitally connected economy, BLS E-Services and Kotak Mahindra Bank are committed to being at the forefront of this transformation, bringing banking services closer to the people and fostering economic growth.