Public sector lender Bank of Baroda (BoB), with a sharp rise in the number of new customers under the Pradhan Mantri Jan Dhan Yojana (PMJDY), is looking to float a subsidiary for managing its financial inclusion business. As many as nine million accounts were opened at the bank under financial inclusion, through PMJDY.
In order to better serve this segment of customers, BoB has decided to formulate a business plan for opening a wholly owned subsidiary. The Mumbai-based public sector lender is also changing its strategy for alternate channels. It will focus on increasing the number of cash recyclers instead of automated teller machines (ATMs). More than 2,500 such machines are planned to be installed during the current year in addition to 100 e-Lobbies.
