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BLS Intl jumps after subsidiary appointed as corporate BC of 2 banks

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BLS International Services rose 3.55% to Rs 218.90 after the company said its subsidiary Starfin India is empanelled as corporate business correspondent of Punjab National Bank and Central Bank of India.

Starfin India has been empanelled by Punjab National Bank and Central Bank of India to function as the official corporate business correspondent (BC) to deliver last mile banking services in rural/semi urban/urban/metro areas across India.

Initially, Starfin will roll out over 700 centres on behalf of Central Bank of India while the number of banking centres is awaited from Punjab National Bank.

Effective immediately, Starfin will initiate more than 30 banking services like enrollment of customers, debit cards, balance enquiry, statement of accounts, passbook printing, money deposit, and bills/utilities payment services to account holders of both banks across India. The company will also provide micro insurance/mutual fund products/pension products/other third-party products through these customer service points.

Shikhar Aggarwal, joint managing director, BLS International said: This empanelment strengthens our banking correspondent portfolio delivering last mile banking services to the unserved and under-served population of India. We are delighted to initiate banking services for Punjab National Bank & Central Bank of India to support the 'National Mission for Financial Inclusion' across India.

Starfin is already empanelled as the corporate BC for Bank of Baroda; the national BC for State Bank of India; corporate BC for Uttarakhand Gramin Bank; and microfinance agency for Punjab National Bank.

On a consolidated basis, net profit of BLS International Services rose 101.10% to Rs 27.47 crore on 45.13% rise in net sales to Rs 190.46 crore in Q2 September 2021 over Q2 September 2020.

BLS International Services is a global tech-enabled services partner for governments and citizens, in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa and retail services since 2005.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 24 2021. 12:49 IST