Indian public sector lender Bank of India is set to take a 19.90% equity stake in the proposed payments bank promoted by YouFirst Money Express, part of YouFirst Ventures.
Bank of India chairman & managing director V. Iyer remarked, " While YouFirst would strive to bring the financially under-served in the financial services mainstream, Bank of India will compliment by addressing credit needs of the customers wherever required."
YouFirst Group founder Vikrant Gugnani said, "We believe Bank of India with decades of banking experience will allow us to optimally leverage the partnership on risk management, operations & governance oversight.
"Our strengths lies in our distribution network currently spread across 255 districts covering 1700+ locations and the products we offer to the retail masses today. With this partnership, we aim to service them better, not just with payments and savings (CASA) products but also harness BOI’s offerings on credit & third party products."