Bandhan Bank Ltd, the fastest growing bank in India, has announced the signing of an agreement with Avenues India Pvt Ltd, the leading payment solution provider in India, to provide the merchants with seamless access to the Point of Sale (POS) and the payment gateway products.
The agreement has been recently signed at the Bandhan Bank headquarters in Kolkata. All Bandhan Bank business and strategy heads along with the MD & CEO of Bandhan Bank Chandra Shekhar Ghosh and Head - Alliance, Avenues India Pvt Ltd, T. Nandkumar Menon attended the signing ceremony.
With this partnership, all tied up merchants will have speedier and more direct access to POS machines, payment gateways, and competitive financing options. In addition, the agreement facilitates that the two parties will cooperate and benefit from each other’s networks, customers, systems, techniques and expertise for the purpose of enhancing customers’ experience.
Commenting on the event, Chandra Shekhar Ghosh said, "As the fastest growing bank, we are always exploring ways and means for smart transactions. Our partnership with Avenues India gives us the opportunity to support our valued customers by offering them convenient banking solutions and provide easy access to POS and e-payment gateways for their businesses."
Menon said, "As the leading provider of innovative payment solutions in the region, Avenues India is delighted to sign this strategic agreement with Bandhan Bank. Online Business Banking is the backbone of our current economy and our e-payment gateways combined with Bandhan Bank’s financing solutions will provide enhanced support to the whole merchant base."
Bandhan Bank presently has 3,546 touch points pan India -- consisting of 828 branches, 2,437 Doorstep Service Centres (DSCs) and 281 ATMs. The bank has mobilized deposits worth over Rs 22,000 crore and its loan book stands at about Rs 22,000 crore.
The bank has two divisions -- general banking and micro banking, offering a suite of retail financial solutions, including a variety of savings and loan products. Currently, the savings bank account interest rate is 6% for balance above Rs. 1 lakh and 4.25% for balance up to Rs. 1 lakh. For term deposits, the maximum interest rate offered is 7.70% for one year with an additional 0.5% for senior citizens.
Bandhan Bank commenced its operations on August 23, 2015, with 501 branches, 2,022 DSCs and 50 ATMs across 24 Indian states.
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