Vedavaag Systems becomes business correspondent of Bank of Baroda

Vedavaag Systems Limited, a Hyderabad-based e-governance solutions provider, has entered into an agreement with Bank of Baroda as the latter’s national business correspondent (BC) for pan-India operations.

In the next 12 to 18 months, Vedavaag Systems will establish more than 500 customer service points (CSP) across India, as per the terms of the agreement.

The e-governance solutions provider said that it will be a kiosk-based banking model that extends banking services to customers for opening new bank accounts, deposits and withdrawals of cash, direct money transfers, Aadhaar enabled payment services, Bharat Bill Payment services, and implementation of social security schemes of the central and state governments like Direct Benefit Transfers (DBT), PMJJBY, PMKSNY, PMSBY, and others.

Vedavaag Systems becomes business correspondent of Bank of Baroda. Photo courtesy of baljinder kang/Wikimedia.org.

Vedavaag Systems said that it is currently working with other banks to further grow its business correspondent operations.

The company stated: “Vedavaag is strongly committed to add many more value added financial services to the rural citizens by leveraging its vast network.”