Sunday, January 16, 2011

State Bank of India – Bank on Bike

State Bank of India – Bank on Bike

Banks are re-drawing their strategies to spread the financial inclusion drive in their allotted villages.

Financial Inclusion in the last couple of decades did not take off. With Reserve Bank of India, taking more pro-active role in the Financial Inclusion agenda, things have started to improve.

The State Level Bankers Committee (SLBC) is now fixing targets to member banks for financial inclusion. The Banks are being allotted Villages to ensure financial inclusion is over for the allotted villages.

Hence, Banks are racing against time to meet the Financial Inclusion drive.

Each Bank is adopting multiple approaches for the same

In this regard, State Bank of India, on 14/01/2011, launched the ‘Bank on Bike’, to service unbanked villages.

Cheriyal in Medak district of Andhra Pradesh, about 60 km from Hyderabad, became the first village in the country to welcome SBI Bank on Bike initiative.

More details on this can be accessed @

Top 6 characteristics of State Bank of India’s Bank on Bike Scheme are :

01)  It is more cost effective than a 4 wheeler.

02)                A person on the bike will carry a laptop and data card to access specially designed SBI Internet site for the purpose.

03)                The Services can be accessed through a biometric interface and thereby facilitates transactions for illiterate people too.

04)                GeoSansar’s (SBI’s Business Correspondent) representative will visit three places every day, at designated times.

05)                The BC will access a specially designed Internet site.

06)                Presence of BC at Fixed timings will encourage the villagers to route their financial transactions through.  

State Bank of India, in the medium run, is looking to expand this service to other locations too.

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