This partnership leverages BLS’s extensive BC network to provide doorstep banking services, supporting rural and remote communities.
FinTech BizNews Service
Mumbai, October 29, 2025: In a significant step to deepen its reach in ‘Bharat’, Zero Mass Pvt. Ltd., a subsidiary of BLS E-Services, has been empaneled as a Corporate Business Correspondent (CBC) by the Bank of Maharashtra. This collaboration will help to provide vital financial services to underserved populations, advancing the company’s mission of inclusive financial security. BLS E-Services, a subsidiary of BLS International, stands as a leading technology-enabled digital service provider in India, offering a diverse range of services that encompass Business Correspondent (BC / Rural Banking Outlets) services, Assisted E-services, and E-Governance Services.
As a CBC, BLS E-Services subsidiary will play a crucial role in expanding financial inclusion and providing banking services to underserved communities. The company will work closely with the Bank of Maharashtra to deliver a range of services, including account opening, cash deposit, cash withdrawal and other banking transactions nationally.
"As a leading BC player in the country, it’s our primary responsibility to provide all banking and financial services to the underserved areas of the nation. To do this, we are happy to partner with the Bank of Maharashtra as a CBC and contribute to the bank's efforts in expanding financial inclusion," said Mr. Shikhar Aggarwal, Chairman, BLS E-Services. "Our extensive network and expertise in delivering banking services make us an ideal partner for the bank."
With this partnership the bank is intended to reach 20,000 BC/ CSP outlets pan India, added Mr. Shikhar.
This partnership is a significant milestone for BLS E-Services through its subsidiary, demonstrating its capabilities and commitment to delivering innovative banking solutions. The company looks forward to working closely with the Bank of Maharashtra to achieve its business objectives and enhance customer satisfaction.
India’s Business Correspondent (BC) network, the world’s largest boots-on-the-ground channel has 2.5 million agents. The network is critical for delivering banking services to rural and remote areas. Business Correspondents (BCs) are retail agents appointed by banks to provide banking and financial services in areas where it is not viable for banks to open a full-fledged branch. They act as representatives of banks and facilitate financial inclusion by delivering basic banking services at the doorstep of customers, especially in rural and remote areas.
According to a study, India's BC sector is expected to cross Rs14,700 crore by financial year 2025 (FY25), charting an impressive 19 per cent compound annual growth rate (CAGR).
The report further stated that growth is being driven by the expansion of the Pradhan Mantri Jan Dhan Yojana (PMJDY), deeper penetration of Basic Savings Bank Deposit Accounts (BSBDAs), and the increasing popularity of Direct Benefit Transfer (DBT) schemes that channel subsidies and welfare funds directly to beneficiaries.
Also, platforms such as UPI, Aadhaar-enabled Payment Systems (AePS), RuPay, and IMPS, along with mobile banking applications, have made financial transactions more secure and accessible, even in the country's most remote corners. According to NPCI data, over 52 crore AePS transactions are already being processed every month, with business correspondents playing a pivotal role in this volume.
