Indian Bank launches 'IB Sathi' initiative to promote financial inclusion services

Tags: Economics/Business

Indian Bank launched a new initiative called 'IB Saathi' (Sustainable Access and Aligned Technology for Holistic Inclusion) with an aim to strengthen its efforts towards financial inclusion.

An Overview of the News

• As part of this initiative, Indian Bank is committed to providing basic banking services for at least four hours every day through fixed outlets at all its centres.

• The move aims to ensure wider access to banking services.

• Apart from the fixed outlets, the Bank's Business Correspondent (BC) agents will also provide their services directly at the doorstep of customers.

Expansion Plans:

• Indian Bank has ambitious plans to expand its BC network.

• By March 2024, the bank aims to deploy over 5,000 new BCs.

• Currently, it already has 10,750 BCs and 10 Corporate Business Correspondents (CBCs), and this number will significantly increase to 15,000 BCs and 15 CBCs, thereby expanding the reach and coverage of the bank.

Service Portfolio:

• Indian Bank currently offers 36 different services to customers through its BC channel. However, in the coming years, the bank intends to launch an additional 60 services by FY25.

• This expansion of services will empower customers and promote financial inclusion.