The largest lender of the country, State Bank of India has come up with yet another initiative to reach out to the relatively weaker sections. Poor workers and small businessmen in urban areas will now get the facility to open bank accounts for just Re1.
People can get access to all banking facilities like depositing and withdrawing small sum of money, earning interest etc. The banking major has used biometric smartcards to aid this facility.
The facility is the first in the country. The bank has launched 20 kiosks named as Customer Service Points (CSPs) in different parts of Hyderabad.
These kiosks would be acting as mini banks and will have a business correspondent (BC).
According to Mr Diwakar Gupta, Deputy Managing Director, SBI, who inaugurated a kiosk along with Mr D. Prasada Rao, Andhra Pradesh Minister for Revenue, at Nimboliadda, the initiative would address the needs of financial inclusion in the urban areas.
"SBI has already opened over 70 lakh accounts under financial inclusion in the rural areas. This new initiative will further drive the expansion,'' he said.
Mr Shiv Kumar, Chief General Manager, SBI-AP said, "We will be expanding this to other urban centres in the State soon."