SBI appoints Spanco as BC
By Vaibhav Aggarwal
Aug 30, 2011
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The country's largest lender, State Bank of India has appointed Spanco as its business correspondent (BC) to take forward its financial inclusion plans.

Spanco has been given charge of setting up more than 200 banking kiosks on SBI's behalf across villages of Maharashtra.

This target has been given as part of the first phase of financial inclusion plans. After December 2011, Spanco would be adding more such kiosks.

Transactions in these kiosks would be carried out using thumbprints of the villagers. This would act as signature needed for various activities like deposit/withdrawal, fund transfers as well as taking loans.

Amongst other facilities offered would be ability to invest in mutual funds, eligibility to receive KVP and NSC certificates etc.


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