Manipal Technologies partners with Indian Bank to offer banking products

Manipal Technologies Limited on Thursday said it has partnered with state-owned Indian Bank to drive financial inclusion by offering customised banking products.

The partnership aims to build a sustainable network of corporate business correspondents (CBCs) that will enhance the availability, affordability, and accessibility of financial services, particularly in underserved markets and rural areas, it said in a release.

As part of this association, Manipal Technologies Limited (MTL) will work closely with Indian Bank to offer tailor-made banking products in rural locations.

The initial focus will be serving more than 600 locations and gradually expanding the presence in newer regions in states such as Tamil Nadu, Chhattisgarh, Uttar Pradesh, Kerala, Maharashtra, Haryana, and Punjab, MTL said.

"We aim to empower individuals with seamless access to financial services, ranging from account opening, withdrawals, deposits, lead generation, opening FDs (fixed deposits), and applying for loans.

"Our alliance with MTL will further enable us to reach the last mile and serve the unbanked and underbanked customers of Bharat," Sujay Kumar, Project Leader for selection of Corporate Business Correspondent, Indian Bank.

Abhay Gupte, MD and CEO of MTL, said the company's extensive network of trained field business correspondents will enable Indian Bank in reaching out to individuals in remote areas and ensuring they have convenient access to financial services.

MTL has diversified businesses across domains, including fintech, financial inclusion, doorstep banking, fraud risk management, gold loans, digital solutions, print management, cards, commercial print, and secure solutions.

The state-owned bank reported a 47 per cent rise in net profit to Rs 1,447 crore for the March quarter, helped by a decline in bad loans and a rise in interest income.

For the year ended March 2023, the Chennai-based lender's profit increased by 34 per cent to Rs 5,282 crore against Rs 3,945 crore in FY2022.