Financial Inclusion - SBI opens 50 kiosk branches in Mumbai


In November 2009,Reserve Bank of India (RBI), the financial regulator of Banks in India, had permitted web enabled fair price shops, medial and kirana shops to serve as Banking Associates. The effort is aimed at financial inclusion and to provide basic banking services to lower income groups, with a no frills account tag.

In November 2009,Reserve Bank of India (RBI), the financial regulator of Banks in India, had permitted web enabled fair price shops, medial and kirana shops to serve as The effort is aimed at financial inclusion and to o provide basic banking services to lower income groups, with a no frills account tag. Under the Scheme the eligible entities include NGOs, SHGs, Farmer's Clubs. Functional Cooperatives. Community based organizations, I.T. enabled rural outlets of corporate entities, Well functioning Panchayats, Post Offices, Insurance agents, and Social organizations, Rural Multipurpose kiosks / Village Knowledge Centers, etc.
The scheme involves hooking up of web enabled retail stores to State Bank of India's core banking platform and make the small stores as at touch point for certain basic banking needs such as deposit, withdrawal, remittance, micro credit and insurance. By recording fingerprint details, and a photograph, which will be forwarded to the nearest affiliated SBI Branch, who would take care of theKYC norms, the account will become functional, with a no frills tag.. The customer can then carry out his transaction of depositing or remitting up to Rs 10000 per day from the kiosk branch which is linked to the nearest SBI branch.

According to reliable sources, It is reported that SBI and Oxigen have already carried out a pilot project involving about 30 kiosks in New Delhi.

The largest bank in India viz. http://www.statebankofindia.com/user.htm State Bank of India(SBI), announced today that it had opened 50 such "kiosk branches" in Mumbai. After successfully testing the project, the idea is to cover over 5000 web enabled Oxigen retailers in Mumbai and Maharashtra as customer service points of SBI.


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