PSB Alliance: Public sector banks form new company to provide doorstep banking services

In a big push for doorstep banking, the public sector banks (PSBs) have come together and joined forces to create a joint venture company to take banking services to the doorsteps of their customers by engaging banking correspondents.

The new company called PSB Alliance Private Limited will facilitate doorstep banking services for 12 public sector banks under a common standard operating procedure. It will be done under the leadership of Rajinder Mirakhur who has been appointed as the chief executive of this new company.

Rajinder Mirakhur is a banking sector veteran having previously served as the chief general manager of SBI and the former deputy chief executive of the Reliance Jio Payments Bank.

As per Mirakhur, the new entity will help lower the costs involved for PSBs in providing doorstep banking facilities. “Currently, different PSBs engage different banking correspondents (BCs) for their doorstep banking services. With this company, we are hoping to provide resources which can be used by all PSBs at a low cost,” he commented.