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State Bank of India to Expand Reach to 50,000 Unbanked Villages |
| Source: |
egovonline.net |
| Source Date: |
Tuesday, May 25, 2010 |
| Focus: |
Knowledge Management in Government, Citizen Engagement
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| Country: |
India |
| Created: |
May 31, 2010 |
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State Bank of India (SBI) plans to cover 50,000 unbanked villages during 2010-11 as part of financial inclusion drive.
The bank plans to hire 15,000 business correspondents, who will help people in the rural areas to open bank accounts.
It is not possible for banks to open branches in every village, so a business correspondent and business facilitator model would help in taking banking facilities to every part of the country.
Business correspondents are persons who, besides helping rural people to open bank accounts, would facilitate in banking transactions. Their key role is to accept deposits and remit money.
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