Bartronics India Ltd Renews Contract with Aryavart Bank for Rural Financial Inclusion

On June 13, 2024, Bartronics India Limited announced in a stock exchange filing the renewal of its current contract on a financial inclusion project with Aryavart Bank for an additional one year.

This agreement marks a significant milestone in the company’s efforts to deliver business correspondent services and promote financial inclusion in rural areas. They stated that collaborating with Aryavart Bank has played a crucial role in extending outreach to underserved communities, offering essential banking services, and enhancing digital literacy among them.

In this renewed contract, Bartronics will continue to deliver cutting-edge financial services to Aryavart Bank and expand its advanced technology solutions to enhance customer satisfaction. The agreement also involves deploying Business Correspondents (BCs) in rural areas to manage customer service points alongside BC agents. This initiative aims to facilitate essential banking services such as cash deposits, withdrawals, account opening, and fund transfers in villages and rural regions of Uttar Pradesh.

Bartronics India Limited has been a frontrunner in deploying resilient fintech solutions across India, bridging the gap between technology and financial services. Collaborating with Aryavart Bank, they aim to enhance access to the digital economy for rural communities.

Aryavart Bank has leveraged Bartronics’ advanced technology to streamline operations, improve customer experiences, and extend services to previously underserved regions lacking basic banking facilities. Their partnership has notably achieved significant milestones, including maximum enrollment in Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts in rural areas and meeting targets for various social security schemes. Together, they have received accolades as top performers in schemes like Atal Pension Yojana (APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Pradhan Mantri Jan Dhan Yojana (PMJDY).

Commenting on the occasion, the Managing Director of Bartronics India Limited, Mr Vidhya Sagar Reddy N, said, “We are glad to extend our partnership with Aryavart Bank. Together, we have been able to drive achievements in the area of financial inclusion in the past, and we are committed to working further in this mission. The renewal of our contract underlines our common determination to continue making a positive change in the lives of rural communities.”

On June 14, 2024, the share price of Bartronics India Limited opened at ₹18.01, touching the day’s high at ₹18.19, as of 10:41 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.