Indian Bank has introduced a new initiative called ‘IB SAATHI’ (Sustainable Access and Aligning Technology for Holistic Inclusion) to bolster its financial inclusion efforts. The primary goal of IB SAATHI is to provide essential banking services to various stakeholders through the business correspondent (BC) channel.
Enhanced Banking Services:
Under this revamped model, Indian Bank is committed to offering basic banking services at all its centers for a minimum of four hours each day through fixed outlets. This initiative is a significant step towards ensuring widespread access to banking services.
Doorstep Banking Convenience:
In addition to the fixed outlets, BC agents will also extend their services directly to the doorstep of customers. This move aims to make financial services more accessible, convenient, and inclusive, especially for those in remote or underserved areas.
Expansion Plans:
Indian Bank has set ambitious targets for expanding its BC network. The bank plans to deploy over 5,000 new BCs by March 2024. Currently, it already has 10,750 BCs and 10 corporate business correspondents (CBCs). These numbers are set to increase significantly to 15,000 BCs and 15 CBCs, enhancing the bank’s reach and coverage.
Service Portfolio:
Indian Bank currently provides 36 different services to customers through its BC channel. However, in the coming years, the bank has plans to introduce an additional 60 services by FY25. This expansion of services will further empower customers and promote financial inclusion.