A company release said here, FINO will be providing Indian Bank 'No Frill Accounts' (Zero Balance Saving Accounts) for carrying out transactions on FINO smart cards and Point of Transaction (POT) devices.
This project for FINO was to cater to Indian Bank massess across the country.
According to FINO President, Sales and Marketing, Rishi Gupta, this tie-up would be a major strategic initative towards the vision of catering to the rural masses.
"We see this tie-up as a logical initative to cater to potential clientele of about 500 to 700 million people across the country", the release added quoting Mr Gupta.
According to Indian Bank Chairman and MD K C Chakrabarty the bank had successfully implemented the Financial Inclusion project in Puducherry, bringing people in the hitherto non-banking sector to the banking sector.
The bank had also replicated the project in Cuddalore district of Tamil Nadu and other parts of the country, the release added.