Alankit Limited already serves as Business Correspondent for 10 major public sector banks, including 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.

Through Alankit’s wide network, Indian Overseas Babk will strengthen its last-mile service delivery, further boosting the bank’s position across public sector banking ecosystems and enabling wider access to financial services across diverse geographies.

The deal comes at a time when banks are increasingly relying on BC networks to expand their reach beyond physical branches. Such partnerships are helping deepen financial inclusion across underserved, rural, semi-urban and urban markets.

Ankit Agarwal, Managing Director, Alankit Limited, said their association with Indian Overseas Bank reflects the company’s continued focus on building strong and long-term institutional partnerships.

“Over the years, we have worked towards creating a service framework that is reliable, compliant, and easy to access, especially in regions where formal banking infrastructure is still evolving. This partnership allows us to further strengthen our reach and deliver consistent service across geographies, while supporting banks in improving customer access at the last mile. The growing number of partnerships we have built over time is also a reflection of the trust placed in our execution capabilities and our approach to service delivery,” Agarwal added.

The partnership makes sense for the Indian Overseas Bank as it provides a cost-efficient way to provide deposit, payments, and enrolment services in areas where it was not viable to set up full-service branches, particularly across rural and semi-urban regions.

At present, Alankit’s Business Correspondent operations span 26 states, covering both urban centres and underserved rural markets, supported by a network of over 3,000 business nodes across 673+ cities and serving more than 25 million customers nationwide. The company claims to process over 11 lakh transactions each month, with transaction values exceeding ₹850 crore.

The company delivers around 40 banking and financial services including account opening, cash transactions, fund transfers, bill payments, and enrolment under insurance and pension schemes, along with AEPS, IMPS, and loan collection services, delivered through a network of on-ground touchpoints supported by robust technology infrastructure.

With this tie-up, Alankit will offer basic banking facilities of Indian Overseas Bank through 2,600+ Business Correspondent (BC) locations across these regions, including Gujarat (Ahmedabad, Vadodara), Madhya Pradesh (Bhopal), Chandigarh (covering Punjab, Haryana, Himachal Pradesh, and Jammu), Uttarakhand (Dehradun), Maharashtra (Mumbai, Nagpur), New Delhi, Rajasthan (Jaipur), Uttar Pradesh (Lucknow), Goa (Panaji), Bihar (Patna), Chhattisgarh (Raipur), and Jharkhand (Ranchi).

The model is supported by call centre and training infrastructure to ensure consistent service delivery at the grassroots level.

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