IndusInd Bank to offer banking services in Uttarakhand’s Nyaya panchayats

IndusInd Bank said that it has entered into a partnership with the Department of Panchayati Raj, Government of Uttarakhand to provide its banking services in over 600 Nyaya panchayats.

Under the partnership, the Mumbai-based private sector bank through the network of ‘Bharat Money Stores‘ of its fully-owned subsidiary Bharat Financial Inclusion Limited will offer rural customers from surrounding villages with fully digital and paperless banking services.

According to IndusInd Bank, Bharat Money Stores are small merchant and kirana shops that give access to banking services to residents of rural areas by acting as its banking correspondents.

IndusInd Bank said that the initiative in Uttarakhand is aimed at rendering banking and financial services like opening accounts, fixed deposits, bill payments, and money transfer, among others. Presently, the program has been launched as a pilot project with the objective to extend it across the gram panchayats.

IndusInd Bank to offer banking services in Uttarakhand’s Nyaya panchayats. Photo courtesy of Superfast1111/Wikipedia.org.

Sumant Kathpalia — IndusInd Bank MD and CEO 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.”