Avio Smart Market Stack to Expand Indian Overseas Bank’s Rural Banking Outreach
National, India – March 30, 2026 – Avio Smart Market Stack Limited (ASMS), formerly known as Bartronics India Limited, has secured a Purchase Order from Indian Overseas Bank to implement Corporate Business Correspondent (CBC) services under the bank's Financial Inclusion Technology initiative.The order, awarded following ASMS’ participation in the bank’s RFP process, covers engagement, deployment, and management of Business Correspondent Agents (BCAs), alongside cash handling and field-level service delivery. The contract's initial duration is three years, with potential for extension based on performance and at the discretion of Indian Overseas Bank.
This engagement expands ASMS’ banking correspondent operations with public sector banks and underscores institutional confidence in its execution capabilities, operational processes, and on-ground network management.
ASMS will manage the onboarding, training, and monitoring of BCAs, ensuring compliance-driven and secure delivery of banking services in rural and semi-urban areas. Technology infrastructure, including micro-ATMs and biometric authentication devices, will support the deployment, integrating with the bank's financial inclusion systems.
The company currently operates a network spanning over 5,000 villages, delivering banking and financial services. The agreement is expected to scale up to approximately 500 banking touchpoints over the contract's tenure, generating employment opportunities and strengthening grassroots-level banking infrastructure.
Services facilitated through ASMS’ correspondent operations include account opening, cash deposits and withdrawals, remittances, Aadhaar-enabled payment services (AePS), and access to government benefit schemes.
"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," said Mr. N. Vidhya Sagar Reddy, Managing Director, Avio Smart Market Stack Limited.
ASMS aims to advance India's financial inclusion agenda by leveraging its CBC network and partnerships with leading banks.
About Avio Smart Market Stack Limited (formerly Bartronics India Limited)
Avio Smart Market Stack Limited is a financial inclusion company with a rural distribution network across India. The company is building an integrated rural platform focused on agriculture, rural commerce, and climate solutions.
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