Avio Smart Market Stack Limited (ASMS) (Formerly known as Bartronics India Limited), a leading provider of technology-enabled financial inclusion and digital infrastructure solutions, has received a Purchase Order from Indian Overseas Bank for the implementation of Corporate Business Correspondent (CBC) services under the Bank’s Financial Inclusion Technology initiative.

The order has been awarded pursuant to ASMS’ participation in the Bank’s RFP process and covers engagement, deployment, and management of Business Correspondent Agents (BCAs), along with cash handling and field-level service delivery. The contract is valid for an initial period of three years, with provision for extension based on performance and at the discretion of the Bank.

This engagement marks a further expansion of ASMS’ banking correspondent operations with public sector banks and reflects continued institutional confidence in its execution capabilities, operational processes, and on-ground network management.

Under the mandate, ASMS will undertake end-to-end responsibility for onboarding, training, and monitoring of BCAs, along with ensuring compliance-driven and secure delivery of banking services across rural and semi-urban locations. The deployment will be supported by technology infrastructure including micro-ATMs, biometric authentication devices, and integration with the Bank’s financial inclusion systems.

ASMS currently operates a wide last-mile network spanning over 5,000 villages, delivering banking and financial services to underserved communities through a combination of physical presence and digital enablement. The present order builds on this base and is expected to support further expansion of banking access in unbanked and underbanked regions.

The engagement is expected to scale up to approximately 500 banking touchpoints over the tenure of the contract, strengthening last-mile service delivery across the Bank’s operational regions.The program is also expected to generate employment opportunities through onboarding of local BCAs and field support personnel, contributing to livelihood creation and strengthening grassroots-level banking infrastructure.

Through its correspondent operations, ASMS facilitates a range of financial services including account opening, cash deposits and withdrawals, remittances, Aadhaar-enabled payment services (AePS), and access to government benefit schemes.

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Commenting on the development, N. Vidhya Sagar Reddy, Managing Director, Avio Smart Market Stack Limited, said: “We are pleased to receive this Purchase Order from Indian Overseas Bank, which reflects the Bank’s confidence in our execution capabilities and technology-driven approach to financial inclusion. This engagement strengthens our commitment to delivering reliable and scalable CBC services, while expanding access to essential banking solutions across underserved regions of the country.”

ASMS continues to play a key role in advancing India’s financial inclusion agenda by leveraging its extensive CBC network and strong partnerships with leading banks to deliver accessible, secure, and technology-driven financial services.