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Bank of Baroda and FSSAI Sign MoU to Launch Customized Web-based Payment Solution.

Banking & Finance | Dated: 09 Aug 2025

In August 2025, Bank of Baroda (BoB), India’s second largest Public Sector Bank (PSB), signed a Memorandum of Understanding (MoU) with the Food Safety and Standards Authority of India (FSSAI) to launch a customized web-based payment platform named ‘FSSAI Payment Solution.

🎯 Key Highlights:

  • - The MoU was signed by Commander Sharad Aggarwal, Director of FSSAI, and Mini TM, Chief General Manager (CGM) & Zonal Head of New Delhi Zone, BoB, in the presence of several senior government officials.
  • - The ‘FSSAI Payment Solution’ aims to promote ease of doing business by streamlining digital payment processes for various stakeholders engaging with FSSAI. This strategic partnership seeks to enhance efficiency and transparency in financial transactions related to food safety governance and related activities.
  • - The platform will simplify and automate critical financial functions such as the disbursement of grants and vendor payments. Additionally, it will offer Management Information System (MIS) functionalities, enabling systematic tracking and reporting of transactions to improve financial oversight.

💡 Other Important Facts:

  • (i) The implementation of this Information Technology (IT)-based payment platform will also facilitate effective monitoring and control over nodal accounts, including State Child Accounts and District Sub-Child Accounts. This will ensure better financial governance at different administrative levels and enhance accountability.
  • (ii) Bank of Baroda will provide a wide range of banking services under this collaboration, including personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services, and treasury services. This comprehensive support aims to meet the diverse financial needs of FSSAI stakeholders.

📚 Test Your Knowledge:

Recently, which bank signed a Memorandum of Understanding (MoU) with FSSAI to launch the ‘FSSAI Payment Solution’?

Correct Answer: Bank of Baroda

🚀 Quick Recap:

About Food Safety and Standards Authority of India (FSSAI)

  • Chairperson: Punya Salila Srivastava
  • Headquarters: New Delhi