The Financial Inclusion would act as a growth stimulus for the Bank to expand business.Quick Enquiry
The Bank has exclusive Financial Inclusion Cell to oversee implementation of FI policy and monitoring.
The Bank has successfully completed first phase of Financial Inclusion by completing survey of households and opening of no frills accounts in all 10 districts of Banks area of operations.
The Financial Inclusion would act as a growth stimulus for the Bank to expand business by covering large number of new customers as this provides opportunity to financially include low income groups resulting in both business development as well as discharging the duty of corporate social responsibility.
As per the directions of Govt. of India / Reserve Bank of India / NABARD, the Bank has implemented Financial Inclusion Plan by providing banking facilities to habitations having population of above 2000. The bank has covered all the 245 FI Villages allotted by SLBC where population is above 2000 through either Brick and Martor Branches or B.Cs.
2855 unbanked villages are allotted to our Bank in respect of villages having population below 2000 in 10 districts of our command area. Out of these 2855 villages, 1493 villages are covered by existing and new Business Correspondent Agents. All remaining unbanked villages with population less than 2000 will be provided banking services through BC model or through Satellite branches before 2016 as per the Road Map submitted to RBI/NABARD.
The Bank has so far engaged 335 Business correspondents through M/s. Integra Micro Systems (Pvt.,) Ltd., Bangalore (Technology Service Provider) for providing Banking and financial services at the doorsteps of the customers by using technology. Bank is initiating process for engaging additional Business Correspondent Agents through existing Technology Service Provider M/s. Integra Micro Systems Pvt. Ltd., Bangalore to cover all remaining villages also, before March 2016.
Financial literacy is considered an important adjunct for promoting financial inclusion and ultimately financial stability. All segments of the society need financial literacy in one form or the other.
Financial Literacy will help the unreached sector realize the importance of financial services in improving the standard of living.The center's educate the people as to where and how the services can be availed, etc., and create a need and synergize the demand thus created with the supply of financial services by the formal institutions.
As per the directions of RBI the Bank has opened 8 financial literacy center's at Pavagada, Chikkanayakanahally, Devanahalli, Pandavapura, K.R.Pet, Arakalgud, H.D.Kote,and Yelandur.
Government of India has introduced Direct Benefit Transfers (DBT) into the Bank account of the beneficiaries under various programmes. Under Direct Benefit Transfer, Government benefits like MGNREGA, Fertilizer Subsidy, Scholarship, LPG subsidy, Social Security pension, etc., are electronically transferred into the Bank account of the beneficiaries.
Government of India launched Direct Benefit Transfer scheme for LPG in Mysore & Tumkur Districts of our command area on pilot basis. Holding AADHAAR number document as basis to receive the LPG subsidy in Bank account. The AADHAAR number is the linkage between the Bank account and LPG consumer number.
As on 31.03.2014 the Bank has seeded 313952 AADHAAR card numbers to the Bank accounts of the beneficiaries and an amount of 20.74 crores is credited to these accounts under Direct Benefit Transfer Scheme.
The Bank has continued its involvement in the matter of Non-Conventional Banking activities by way of formation of Self Help Group, nurturing and financing with a mission and zeal. The work done by the Bank is well appreciated by various Government agencies, NGOs and others. The Bank has continued its presence in other areas like financing for solar lighting, Rural Toilets and affordable Insurance coverage to economically weaker sections of the people especially in the rural areas. The Bank`s thrust of Sampoorna Concept i.e. covering whole village under a particular scheme rather than scattered coverage over a wide area is continued. The Schemes covered under Sampoorna Concept are Sampoorna Solar Grama, Sampoorna Smoke free Grama, Sampoorna Swacha Grama, Sampoorna Vima Grama, Sampoorna Money Lenders FreeGrama and Sampoorna Kisan Credit Gramas.
As of now 6 villages are covered under the Sampoorna Concept and 18 villages are completely declared as Sampoorna Solar Gramas.