IndusInd Bank has announced that it has partnered with the Department of Panchayati Raj, Government of Uttarakhand to offer its banking services in more than 600 Nyaya Panchayats. Under this partnership, IndusInd Bank through the vast network of 'Bharat Money Stores' of Bharat Financial Inclusion Limited which is a wholly owned subsidiary of the Bank, will provide fully digital and paperless banking services to its rural customers from neighbouring villages.
The initiative aims at providing banking and financial services such as account opening, fixed deposits, money transfer, and bill payments among others. Currently, the program has been initiated as a pilot project with an aim to be expanded across the gram panchayats.
Speaking about the partnership, MD & CEO Mr. Sumant Kathpalia, IndusInd Bank, said "We are delighted to partner with the Government of Uttarakhand to provide banking and financial services in a fully digital manner through widest rural distribution network of Bharat Money stores. At IndusInd Bank, we are committed to the cause of fostering financial inclusion in large swathes of unbanked and underbanked India. We also believe that this partnership will bring in great convenience to our rural customers as they will now be able to simply walk to their nearest customer service points and enjoy various banking services in a seamless manner."
Bharat Money Stores are small merchant and kirana shops providing access of banking services to rural residents by acting as banking correspondents of IndusInd Bank.
Shares of IndusInd Bank Limited was last trading in BSE at Rs. 1143.85 as compared to the previous close of Rs. 1151.70. The total number of shares traded during the day was 200941 in over 4437 trades.
The stock hit an intraday high of Rs. 1156.30 and intraday low of 1136.75. The net turnover during the day was Rs. 229671192.00.