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MOS Utility Limited, through its subsidiary Samvriddhi Inclusive Growth Network Private Limited, has formalized a collaboration with Central Bank of India to deliver financial inclusion services using the Business Correspondent (BC) model. This initiative aims to extend banking services to underserved populations, particularly in rural areas, enhancing access to financial solutions for low-income households and women historically excluded from the formal financial system.
The agreement, valid for five years, empowers Business Correspondents to facilitate crucial banking transactions, helping clients open accounts and process loans without the need for physical branch visits. MOS operates an extensive network across over 25 states, significantly impacting access to banking services and digital solutions for remote communities. This partnership is expected to positively influence MOS’s revenue and profitability while fostering socio-economic empowerment through innovative fintech solutions. The company's leadership emphasizes their commitment to addressing financial access barriers, which positions them favorably within the expanding fintech landscape in India.