Sbi Business Correspondent – Financial Inclustion.
Financial Inclusion is the process of ensuring access to appropriate financial products and Services needed by all sections of the society in general and vulnerable groups such as weaker Sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players.
In order to extend the banking services to the unbanked/under banked villages in the country, our bank has initiated a branch-less banking model through KIOSK model of banking by appointing eligible Business Correspondents. This Business Correspondents (BC) will be an agent of the bank appointed on contract basis and will be authorized to undertake account opening and transactions on behalf of the Bank. Our Financial Inclusion initiatives are spread across 4 States viz, Kerala, Tamil Nadu, Andhra Pradesh and Chhattisgarh. We have covered a total no. of 115 villages as on 31.12.2014 under South Indian Bank Financial Inclusion Plan which includes implementation of KIOSK Banking in 54 Sub Service Area allotted by SLBC in lead districts of Kerala. We have also implemented the concept of Urban Financial Inclusion by implementing Financial Inclusion in 15 urban centres in Kerala and Tamil Nadu.