Bartronics India renews IT services contract with Aryavart Bank

IT services and business solution provider Bartronics India has renewed its contract on the financial inclusion project with Aryavart Bank for another year, as per a regulatory filing on Thursday. 

This marks a milestone in the firm’s journey of offering business correspondent services and promoting financial inclusion in rural areas. The partnership with Aryavart Bank has been vital in reaching underserved communities and providing essential banking services and digital literacy.

Aryavart Bank, a Regional Rural Bank, was formed on April 1, 2019, post the merger of two RRBs —s Gramin Bank of Aryavart and Allahabad UP Gramin Bank. Bartronics is listed on the National Stock Exchange and Bombay Stock Exchange in India.

Under this extended contract, Bartronics will continue providing Aryavart Bank with the latest financial services and expand its tech solutions to better cater to customer needs. This will involve hiring Business Correspondents in rural areas to operate at service points alongside BC agents, facilitating banking services. The IT firm will offer basic banking services like cash deposits, withdrawals, account opening, and fund transfers in villages and rural areas of Uttar Pradesh.

Vidhya Sagar Reddy, Managing Director of Bartronics India Limited, said, “We are pleased to extend our partnership with Aryavart Bank. Together, we have succeeded in financial inclusion and are dedicated to advancing this mission. The contract renewal underscores our shared commitment to positively impact rural communities.”

Aryavart Bank has leveraged Bartronics’ advanced technology to enhance operations, improve customer experience, and extend services to regions lacking basic banking facilities. 

Notably, their collaboration has previously led to the highest enrollment of Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts in rural areas and has met targets for various social security schemes. Together, they have also received the Best Performer awards in Atal Pension Yojana (APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and PMJDY schemes.