Apr 21 (BNP): Alankit Limited, a leading e-Governance service provider, has partnered with Indian Overseas Bank as its Business Correspondent (BC), adding another major public sector lender to its expanding network of banking partnerships, which now spans ten banks. The move comes as banks increasingly rely on BC networks to extend their reach beyond physical branches, strengthen last-mile delivery, and deepen financial inclusion across underserved, rural, semi- urban and urban markets.
With this addition, Indian Overseas Bank joins State Bank of India, Bank of Maharashtra, UCO Bank, Indian Bank, Union Bank of India, Punjab National Bank, Central Bank of India, Bank of Baroda, and Uttarakhand Gramin Bank in leveraging Alankit’s network for last-mile service delivery, further strengthening the company’s position across public sector banking ecosystems and enabling wider access to financial services across diverse geographies.
Commenting on the development, Mr. Ankit Agarwal, Managing Director, Alankit Limited, said,
“Our association with Indian Overseas Bank reflects our continued focus on building strong and long-term institutional partnerships. Over the years, we have worked towards creating a service framework that is reliable, compliant, and easy to access, especially in regions where formal banking infrastructure is still evolving. This partnership allows us to further strengthen our reach and deliver consistent service across geographies, while supporting banks in improving customer access at the last mile. The growing number of partnerships we have built over time is also a reflection of the trust placed in our execution capabilities and our approach to service delivery.”
For Indian Overseas Bank, the arrangement provides an efficient way to extend deposit, payments, and enrolment services into areas where setting up full-service branches may not be immediately viable, particularly across rural and semi-urban regions.
Alankit’s Business Correspondent operations span 26 states, covering both urban centres and underserved rural markets, supported by a network of over 3,000 business nodes across 673+ cities and serving more than 25 million customers nationwide. The company processes over 11 lakh transactions each month, with transaction values exceeding ₹850 crore. Delivering around 40 banking and financial services including account opening, cash transactions, fund transfers, bill payments, and enrolment under insurance and pension schemes, along with AEPS, IMPS, and loan collection services, delivered through a network of on-ground touchpoints supported by robust technology infrastructure.
With this tie-up, Alankit will offer basic banking facilities of Indian Overseas Bank through 2,600+ Business Correspondent (BC) locations across these regions, including Gujarat (Ahmedabad, Vadodara), Madhya Pradesh (Bhopal), Chandigarh (covering Punjab, Haryana, Himachal Pradesh, and Jammu), Uttarakhand (Dehradun), Maharashtra (Mumbai, Nagpur), New Delhi, Rajasthan (Jaipur), Uttar Pradesh (Lucknow), Goa (Panaji), Bihar (Patna), Chhattisgarh (Raipur), and Jharkhand (Ranchi).
This model is supported by call centre and training infrastructure to ensure consistent service delivery at the grassroots level. Alankit also supports large-scale enrolment under government-led social security and financial inclusion schemes such as Jan Dhan, Atal Pension Yojana, and various other insurance programmes, reinforcing its role in expanding formal financial access. The Indian Overseas Bank partnership is expected to further enhance this reach and strengthen access to essential banking services across multiple market segments.
Beyond banking, Alankit also offers a wide range of citizen-facing e-Governance services including PAN and ITR processing, Aadhaar enrolment and updates, GST services, National Pension System (NPS) facilitation, and kiosk banking services, further strengthening its role as an integrated access point for essential financial and government services.
