Indian Overseas Bank has awarded a Purchase Order to Avio Smart Market Stack Limited (ASMS) for the implementation of Corporate Business Correspondent (CBC) services under its Financial Inclusion Technology initiative, marking a strategic step to strengthen rural banking outreach.
The engagement with Indian Overseas Bank follows ASMS’ successful participation in the Bank’s RFP process and includes the deployment, engagement, and management of Business Correspondent Agents (BCAs), along with cash handling and field-level service delivery.
The contract with Indian Overseas Bank is valid for an initial period of three years, with provisions for extension based on performance and at the Bank’s discretion.
This mandate from Indian Overseas Bank reflects continued institutional confidence in ASMS’ execution capabilities, operational processes, and its ability to manage large-scale on-ground networks. The partnership further expands ASMS’ footprint in banking correspondent operations with public sector banks.
Indian Overseas Bank: Deeper Penetration of Banking Services in Unbanked and Underbanked Areas
Under the agreement with Indian Overseas Bank, ASMS will take end-to-end responsibility for onboarding, training, and monitoring BCAs. The company will also ensure compliance-driven and secure delivery of banking services across rural and semi-urban regions.
The deployment will be supported by robust technology infrastructure, including micro-ATMs, biometric authentication devices, and seamless integration with the Bank’s financial inclusion systems.
ASMS currently operates an extensive last-mile network covering over 5,000 villages, delivering essential financial services to underserved communities.
Through this collaboration with Indian Overseas Bank, the network is expected to expand further, enabling deeper penetration of banking services in unbanked and underbanked areas.
The project is expected to scale up to approximately 500 banking touchpoints during the contract tenure, significantly strengthening last-mile service delivery for Indian Overseas Bank across its operational regions.
Additionally, the initiative is anticipated to create employment opportunities through the onboarding of local BCAs and field support personnel, contributing to livelihood generation and grassroots banking infrastructure development.
Through its correspondent operations, ASMS enables a wide range of financial services, including account opening, cash deposits and withdrawals, remittances, Aadhaar-enabled Payment Services (AePS), and access to government benefit schemes. This aligns with the broader financial inclusion objectives of Indian Overseas Bank.
Commenting on the development, N. Vidhya Sagar Reddy, Managing Director, Avio Smart Market Stack Limited, said: “We are pleased to receive this Purchase Order from Indian Overseas Bank, which reflects the Bank’s confidence in our execution capabilities and technology-driven approach to financial inclusion.
This engagement strengthens our commitment to delivering reliable and scalable CBC services, while expanding access to essential banking solutions across underserved regions of the country.”
ASMS continues to play a significant role in advancing India’s financial inclusion agenda, leveraging its CBC network and partnerships with leading banks such as Indian Overseas Bank to deliver secure, accessible, and technology-driven financial services.
