State Bank Of India

State Bank of India (SBI), the country’s largest public sector lender has accomplished 100% Financial Inclusion Programme (FIP) in Andhra Pradesh. The bank has covered all its allotted unbanked villages that are 1,369 villages out of 6,661 unbanked villages with a population above 2,000 in Andhra Pradesh under the FIP by the RBI. 

The Bank has opened 35 brick-and-mortar branches, appointed 1,157 banking correspondents, introduced 162 banks-on-bikes and 15 banks-on-Wheels, making use of IT in these villages. Through this initiative these villages will now have access to basic banking transactions such as savings, deposit, remittances and insurance. Business correspondents are the customer service points located in villages and equipped with a computer, printer, biometric scanning devise and digital cameras.

The bank aims to open 2.1 lakh accounts in the targeted villages with an average balance of Rs 400 to Rs 500 per account. It also plans to cover villages with a population of less than 2,000 in an integrated manner over the next two to three years, furthering the financial inclusion programme.