The largest lender of the country, State Bank of India has come up with yet another innovative idea to carry forward its financial inclusion in the country. The bank has introduced 'Bank on Bike' concept to reach out to unbanked and underbanked areas of Andhra Pradesh.
The first village to come under this concept is Cheriyal in Medak district of Andhra Pradesh, 60 kms from Hyderabad.
The scheme was launched by Shiva Kumar, deputy managing director, SBI-AP Circle.
Kumar said that the 'Bank on Bike' concept has been launched so that more villages can be brought under banking cover while making most effective utilization of cost.
He added that cost was posing as a major hindrance in SBI's path towards faster financial inclusion.