The largest lender of the country, State Bank of India has decided to set up 600 financial inclusion centers in the country. The main reason behind this is to provide back end support to business correspondents (BCs) who have been employed to spread banking facilities in rural areas and also to exercise administrative control over their operations.
These financial inclusion centers are expected to provide added fuel to the drive of making basic banking facilities affordable and available to 12,421 out of the 72,315 unbanked villages having a population of over 2,000 by March-end 2012.
Each center will be providing back end support to BCs for setting no frills accounts to rural masses for helping them in cash management.
Every center will have 25 BCs under it. The bank plans to have 300 such centers by March 2011.