Aksh Optifibre has been successful in getting empanelled as National Level Bank Correspondent for Bank of Baroda.

Under this programme AKSH plans to setup 5,000 banking kiosks through its flagship services arm "1 STOP AKSH" in the upcoming year. Under "1 STOP AKSH " the company is operating 10,000 plus existing e-Mitra kiosks in Rajasthan, out of which 500 plus are already serving as banking kiosks. The company also plans to mobilize the rest of the "1 STOP AKSH" kiosks to offer 360 degree banking services, which will be operated on behalf of Bank of Baroda primarily in the rural areas.

The services offered will comprise of opening of Saving bank, Time Deposit & Recurring Deposit accounts, collection of biometric and demographic details, providing Micro Insurance and processing loan applications. The key focus areas for Aksh will be to create awareness and educate rural habitants about savings habits, use of micro finance solution & RuPay card, along with imparting knowledge about optimal funds management practices and debt counselling.

Management Outlook

"The Government of India plans to nurture a digitally empowered nation and it promises to digitally connect every individual and household of the country. In sync with The Government of India's "Digital India" initiative, Aksh with its "1 STOP AKSH" kiosk network commands a strong position to connect to the end user by leveraging its e- Governance platform to offer wide variety of services and products.
Being a national level engagement programme it will gradually allow Aksh to charter into the e-Governance and services territories beyond Rajasthan. AKSH is foreseeing a buoyant e-Governance and services business through banking Smart city and UIDAI verticals. BOB tie up will be an essential steppingstone for Aksh to expand its services division's operational footprints Nationally".

Shares of the company gained Rs 1.1, or 4.3%, to trade at Rs 26.70. The total volume of shares traded was 209,277 at the BSE (9.49 a.m., Thursday).