Sunday, July 21, 2024

Six public sector banks to provide services in unbanked panchayats of Odisha – N.F Times

Bhubaneswar: The Odisha Government on Wednesday signed a Memorandum of Understanding (MoU) with six public sector banks to provide banking services in all unbanked panchayats of the state through Customer Service Point (CSP) outlets.

The banks are State Bank of India, Punjab National Bank, Union Bank of India, UCO Bank, Bank of India and Bank of Baroda.

The Odisha Cabinet had in August approved a proposal in this regard to provide banking service in as many as 4373 unbanked panchayats of the state with budgetary support of around Rs. 500 crores.

Out of 6798 GPs, around 65% of them (4373 GPs) do not have brick and mortar bank branches. However, the progress in terms of setting up brick and mortar branches in unbanked GPs by banks is very slow and negligible. Therefore, the Government of Odisha has come forward with an ambitious target of providing banking services to every GP through CSP Plus banking outlets, the government had said in a press release.

The scheme will be implemented in a phased manner to cover all 4373 unbanked GPs in the State for providing banking services through CSP Plus banking outlets within the current financial year 2023-24. The Government of Odisha will provide rent free banking space for 5 years. In addition to this, the Government of Odisha will also bear one-time expenses for Fixed Cost & Recurring expenses for a period of three years, the release said.

The scheme will enhance the coverage of financial inclusion in the State in a big way. People residing in all Unbanked Gram Panchayats of the State will have easy access to all kinds of banking services free of cost. Senior citizens, differently abled people and pregnant women will get doorstep banking services and avail the Direct Benefit Transfer of the Government in a timely manner, the release added.

Related Articles