Kotak Mahindra Bank Ltd. (KMBL), one of India’s leading private banks, will scale up its financial inclusion initiatives in Gujarat through the Business Correspondent model.
The Bank has partnered with FINO Fintech Foundation and FINO Ltd. as their Business Correspondent and Technology Service Provider respectively for this initiative, which is based on Biometric-based Smart Card Technology.
Kotak Mahindra Bank will add 25,000 No-Frills accounts across Mehsana district alone by March 2011, and will be further expanding it to 50,000 No-Frills accounts by June 2011.
The customers will be provided with banking services through Business Correspondents-based Customer Service Points.
