BoI 1st in SHG credit linkage
Having access to basic banking services reduces the economic vulnerability of households, promotes economic growth, alleviates poverty and improves the quality of life. Bank of India has introduced different business modes to cater to the banking needs of people in areas which have now been covered under banking. According to S.R. Meena, GM and CIO of the bank, the bank has provided a bucket of services using business correspondents as part of its digital strategy. These include eKYC enabled account opening, online AEPS, online remittances and online enrolment of various government schemes. This has helped the bank in achieving its financial inclusion goals and generated good business, he adds. The bank has been awarded first prize by the government of Maharashtra among all PSU banks for SHG credit linkage in the state.