NEW DELHI : Suryoday Small Finance Bank (SFB) partners with Mobisafar Services to provide banking services through the latter’s network of franchisees and business correspondents across the country. Suryoday SFB is present in 13 States and Union Territories with over 565 bank outlets.
This aims to expand digital banking services such as opening savings accounts, depositing/withdrawing money, balance inquiry, etc. in the most remote areas. According to the press release, Mobisafar Services is a neobank with a presence in over 13,000 PINs that provides services such as domestic money transfer, cash withdrawal, mini ATMs, PAN card applications , travel bookings, among others, to clients across rural India. This will help digitally onboard new customers for Suryoday SFB via eKYC (know your customer).
It will also help the bank to extend social security schemes such as Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) to currently underbanked customers. Narayan Rao, Director of Services, Suryoday SFB, said, “Suryoday SFB has been actively involved in financial inclusion through our various initiatives. We are delighted to partner with Mobisafar as we believe it would contribute to our goal of providing access to banking services to the underbanked. According to Abhishek Kumar Pandey, Managing Director and CEO of Mobisafar Services, the merger will further ensure the scalability of their growth model as they would be able to integrate and activate banking services in their Mobisafar MITRAs. “Our MITRAs are aligned with the government’s vision for financial, social and digital inclusion by reaching the most remote parts of the country where basic banking services are not available,” he added.
As part of this partnership, Mobisafar Services intends to provide biometric-enabled digital banking services in Mobisafar’s MITRAs with Suryoday SFB to combine unparalleled reach in remote areas with access to a unique and untapped customer base.