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Alankit Limited has entered into a Business Correspondent (BC) agreement with Indian Overseas Bank, taking its public sector banking partnerships to ten and expanding its last-mile financial services network. The arrangement enables the delivery of basic banking services through more than 2,600 BC locations across multiple states, targeting rural, semi-urban and underserved markets. The company’s broader BC operations already span 26 states, supported by over 3,000 business nodes across 673 cities and a customer base exceeding 25 million. With monthly transactions crossing INR 850 crore, the tie-up is positioned to support deposit, payments and enrolment services in areas where branch expansion remains limited, while strengthening access to government-backed financial inclusion schemes.
Alankit Limited has partnered with Indian Overseas Bank as a Business Correspondent, expanding its public sector banking network to ten lenders and strengthening last-mile financial service delivery across rural, semi-urban and urban markets. The agreement, announced earlier this week, enables Alankit to provide basic banking services on behalf of the bank through an established network of field-level touchpoints, aimed at improving access in regions where physical banking infrastructure remains limited. Advertisement
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 distribution network. The expansion reflects a broader trend among public sector banks to utilise Business Correspondent models to extend outreach beyond traditional branch-led systems, particularly in underserved geographies.
Alankit’s Managing Director Ankit Agarwal indicated that the association aligns with the company’s focus on building long-term institutional partnerships and strengthening service accessibility in regions where formal banking systems are still evolving. He conveyed that the company has developed a compliant and accessible service framework over time and that the growing number of partnerships reflects confidence in its execution capabilities and delivery model.
For Indian Overseas Bank, the BC arrangement provides an operational framework to extend deposit, payments and enrolment services without the immediate need for full-scale branch expansion. This is particularly relevant in rural and semi-urban areas, where cost and infrastructure constraints can limit traditional banking expansion.
Alankit’s BC operations currently span 26 states, supported by a network of more than 3,000 business nodes across over 673 cities. The platform serves upwards of 25 million customers and processes more than 11 lakh transactions each month, with transaction volumes exceeding INR 850 crore. Its service portfolio includes around 40 banking and financial offerings such as account opening, cash handling, fund transfers, bill payments, insurance and pension enrolments, along with AEPS and IMPS-based transactions and loan collection services.
Under the partnership, Alankit will deliver Indian Overseas Bank’s services through over 2,600 BC locations across regions including Gujarat, Madhya Pradesh, Chandigarh, Uttarakhand, Maharashtra, Delhi, Rajasthan, Uttar Pradesh, Goa, Bihar, Chhattisgarh and Jharkhand. Key cities within this network include Ahmedabad, Vadodara, Bhopal, Dehradun, Mumbai, Nagpur, Jaipur, Lucknow, Panaji, Patna, Raipur and Ranchi.
The delivery model is supported by backend call centre operations and training infrastructure designed to maintain service consistency across geographies. In parallel, Alankit continues to support enrolment under government-led financial inclusion initiatives such as Jan Dhan and Atal Pension Yojana, alongside insurance-linked programmes.
Beyond banking services, the company operates as an access point for citizen-focused e-governance services, including PAN and income tax return processing, Aadhaar enrolment and updates, GST facilitation and National Pension System services. The addition of Indian Overseas Bank is expected to further extend the reach of these combined offerings across multiple market segments, particularly in regions with limited formal service access.
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