Equitas SFB empanelled as Maharashtra government banking partner

Equitas Small Finance Bank on Monday said it has been empanelled as a banking partner of the Government of Maharashtra to offer its services to the state government employees.

As per an agreement, Equitas Small Finance Bank is entitled to distribute salaries and allowances to the existing employees as well as make provision of pension to pensioners, thereby providing solutions to institutions and value-added services for individuals, the bank said in a release.

Bandhan Bank, Karur Vysya Bank, South Indian Bank are the other three banks that are assigned the role of distributing salaries, allowances to government employees, it said.

The agreement is for the liability base. The government has granted authority to Equitas Small Finance Bank to open salary and pension accounts for the existing and retired employees across 58 of its branches in Maharashtra, the lender said.

The bank is subject to withdrawal and disbursement of funds.

Murali Vaidyanathan, Senior President and Country Head, Branch Banking - Liabilities, Products & Wealth, Equitas Small Finance Bank Limited, said: "We at Equitas Small Finance Bank have believed in simplifying our services to offer customers with a seamless banking experience.

"Our association with Government of Maharashtra opens up avenues to leverage our 58 branches in Maharashtra to provide tailor-made solutions to institutions and helps us provide value-added services for individual customers including relationship managers, rewards for every spend and so on."

It will also help strengthen bank's presence in Maharashtra market and Equitas SFB is keen to make a difference in this space by providing value for the money invested with the bank, he said.