Bank of Baroda is all set to clock business of nearly Rs 4,000 crore by FY20-end through its Fintech tieups alone. The bank also expects to close FY19 with a Fintech business turnover of Rs 1,200 crore.
The PSU lender, which started upgrading its fintech-based tieups from October last year, currently has 25 such companies on its board and plans to take it to 35 by FY19-end. BOB on an average clocked business worth Rs 100-120 crore every month.
The bank has tied up with Amazon to disburse non-collateralised loans of up to Rs 25 lakh to Amazon's vendors, Paytm for co-branded credit cards ToneTag for sound-based payments, Razorpay for using its payment gateway, GyanDhan for education loans, ATReDS, RXIL and M1 exchange for online invoice discounting and Baroda m-invest for wealth management among others to increase its business footprint from the fintech sector.