Avio Smart Market Stack To Expand Indian Overseas Bank Rural Outreach

03 Apr 2026 CW Team

Under the mandate ASMS will take end-to-end responsibility for onboarding, training and monitoring of BCAs while 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. The arrangement is designed to combine physical presence and digital enablement to improve accessibility and trust at the last mile.

ASMS currently operates a wide last-mile network spanning over 5,000 villages and the present order builds on that base to expand banking access in 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 programme is also expected to generate employment opportunities through onboarding of local BCAs and field support personnel, contributing to livelihood creation and grassroots-level banking infrastructure.

The order marks a further expansion of ASMS correspondent operations with public sector banks and reflects continued institutional confidence in its execution capabilities, operational processes and on-ground network management. ASMS will leverage its extensive CBC network and partnerships to facilitate services that include account opening, cash deposits and withdrawals, remittances and Aadhaar-enabled payment services. The engagement is intended to advance financial inclusion by expanding reliable, scalable CBC services for underserved communities.

Avio Smart Market Stack Limited (ASMS) has received a Purchase Order from Indian Overseas Bank (IOB) for the implementation of Corporate Business Correspondent (CBC) services under the bank's Financial Inclusion Technology initiative. The order was awarded following ASMS participation in the bank's request for proposal 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. Under the mandate ASMS will take end-to-end responsibility for onboarding, training and monitoring of BCAs while 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. The arrangement is designed to combine physical presence and digital enablement to improve accessibility and trust at the last mile. ASMS currently operates a wide last-mile network spanning over 5,000 villages and the present order builds on that base to expand banking access in 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 programme is also expected to generate employment opportunities through onboarding of local BCAs and field support personnel, contributing to livelihood creation and grassroots-level banking infrastructure. The order marks a further expansion of ASMS correspondent operations with public sector banks and reflects continued institutional confidence in its execution capabilities, operational processes and on-ground network management. ASMS will leverage its extensive CBC network and partnerships to facilitate services that include account opening, cash deposits and withdrawals, remittances and Aadhaar-enabled payment services. The engagement is intended to advance financial inclusion by expanding reliable, scalable CBC services for underserved communities.

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