The State Bank of India is planning to expand its operations in rural areas to ensure financial inclusion in the country. Chairman of the Bank Arundhati Bhattacharyasaid in Bangalore today that hub and spoke system will be strengthened through Business Correspondents to reach out banking services to villages. The bank has 90,000 Business correspondents now who reach out to villages with mini ATMs, accepting deposits, recovering loan amounts and providing withdrawal facilities. The Chairman said more such banking services will be added in the coming days. She disclosed that SBI has created a value chain between farmers, suppliers and industries through finance, that has enabled easy payment of dues to farmers. Speaking about corporate social responsibility, she said, 142 crore was spent by the bank in 2012-13 for CSR. She said that 47,041 people were given vocational training and 24,535 of them were either provided placement or financed for self-employment ventures.
News On AIR | April 26, 2014 4:35 PM
SBI planning to expand its operations in rural areas to ensure financial inclusion