BoI 1st in SHG credit link­age

Banking Frontiers - - Tech Initiatives -

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.

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