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PayPoint India partnered with Bank of Baroda

Published on September 22, 2021
Current Context: PayPoint India has partnered with the Bank of Baroda (BoB).
PayPoint India partnered with Bank of Baroda
  • They have partnered to provide banking services in India via Business Correspondent (BC) Model.
  • This partnership will prove beneficial to give a major push for financial inclusion.
  • As the commercial banks are finding it unviable to set up their branches in remote locations, PayPoint has come up with its expertise solutions to take the financial services to such locations where bank branches are not reaching.
  • The PayPoint will be utilizing its vast and ever-expanding distribution network to deliver essential banking services. The services will be granted via BC customer service points.
  • The partnership is part of BoB’s initiative called ‘BOB NOWW-New Operating model and Ways of Working’.
  • Thus due to this partnership, the banking services will reach unbanked areas in India.
  • Static Part: 
    • HQ of BoB: Vadodara, Gujarat
    • Dena Bank and Vijaya Bank are amalgamated with BoB
    • Tagline of BoB: India's International Bank
    • HQ of PayPoint India: Mumbai

Question: 

Q.1 Which bank partnered with PayPoint to deliver banking services in unbanked areas via Business Correspondent (BC) Model?
a. Bank of Baroda
b. Canara Bank
c. Punjab National Bank
d. Union Bank of India
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