Press Release

December 05, 2019

Bank of Baroda launches 'On-The-Fly Debit Card EMI' in partnership with Pine Labs

Mumbai/New Delhi, 5 December 2019: Bank of Baroda, India’s second largest public sector bank with a customer base of almost 13 crore, has launched ‘On-the-Fly Debit Card EMI’ facility for its existing debit card holders in partnership with Pine Labs, India’s leading merchant focused platform.

With the ‘On-the-Fly Debit Card EMI’ product (OTF-DC EMI), customers at merchant outlets will be given the option of converting their purchase to EMI using their Debit Card. Other benefits to pre-approved Savings Bank customers from availing the OTF-DC EMI product are:

  • Cashback up to 16% from over 140 leading brands including Dell, Cannon, Microsoft, Panasonic, Voltas, etc.
  • Make immediate payment on purchases of Rs.5,000/- to Rs.50,000/-
  • Buy products at 30,000+ merchants and stores in 1,500+ cities having Pine Labs branded POS machines

Shri. Murali Ramaswami, Executive DirectorBank of Baroda said, “We are happy to partner with Pine Labs to offer instant EMI on debit cards to our customers. This initiative will provide the convenience of EMI to debit card users, in the most hassle-free manner. The entire process of making a purchase using debit cards in easy instalments is completely digital.”

The bank is having 5 crore debit card holders of which 2/3rd of the customers are in the Tier 3 to Tier 6 cities. The objective of this collaboration is to provide the affordability solution to debit card holders of the Bank by way of POS based seamless EMI solutions. The partnership also entails leveraging wide spread presence of Bank of Baroda and digital payment solutions of Pine Labs.

Speaking on the occasion, Vicky Bindra, CEO, Pine Labs said, “With changing consumer behavior, more Indians have started to use debit cards at retail stores. Hence, such affordable solutions not only appeal the shoppers from a convenience and affordability standpoint, but also helps merchants convert store walk-ins to sales and increase ticket size. We are delighted to partner with Bank of Baroda to offer instant EMI for their debit card customers with the help of our cloud-based merchant payment platform and hope that this partnership will lead to more technology-driven financial solutions for all Bank of Baroda customers.”

Shri. Vikramaditya Singh Khichi, Executive DirectorBank of Baroda said, “We always believe in innovation and offer differentiated products & services to our consumers and business partners. EMI facility on Debit Card can be availed in a fraction of a second in a seamless manner. This product will enable the Bank to attract the millennial to its fold. Our customers will also be entitled to cash back offers from time to time.”

The Retail market segment which consists of consumer durables/electronics/Mobiles & Life style is Rs.2.50 lac crore out of which 20% avail purchase finance. Bank of Baroda is targeting a market share of 10% by pre-approving incrementally around 7% of its customer base (~1 crore customers).


Bank of Baroda (“The Bank”) established on July 20, 1908 is a State-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.

Bank of Baroda is India’s third largest bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. India First Life Insurance and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

About Pine Labs

Pine Labs is one of Asia's leading merchant commerce platforms. Its unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. Pine Labs' stored value platform offers issuing, processing and distributing digital gift cards for corporate customers. Its customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs is incorporated in Singapore. Its key investors are Sequoia India, Mastercard, Actis Capital, Temasek, PayPal and Sofina. To know more, please visit

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