DIMAPUR, FEBRUARY 16 (MExN): The State Bank of India launched ‘SBI Tiny no frills account’ in Dimapur on Wednesday, February 16. It is part of the Reserve Bank of India’s ‘Financial Inclusion Programme’.
“The State Bank of India with over sixteen thousand four hundred plus branches has taken up this challenge by introducing `SBI Tiny no frills account` for the urban slum communities & Rural India. In this new account there is no need of `KYC` (or Know Your Client) documents and the account can be opened with a zero balance. In this account one can deposit or withdraw from Rs.10/- to Rs.10,000/- the upper limit for this account is Rs.50,000/-. Bank has various loan schemes to cater different needs of rural farmers and urban slum based persons.”
For this programme the SBI has tied up with NGO’s who will play the role of ‘Customer Service Providers’ or rather work like a local branch. In this way the NGO’s will also benefit while the “RBI will be benefited as it is making this database for the (Unique Identity Number) UID scheme of the Government of India.” “The aim of this unique scheme is to cover as many of the poor unbanked population in the country.”
In Nagaland, Thahekhu village became the first place to have the facility of this unique scheme today, in the form of a ‘Customer Service Point’. It was launched in the presence of SBI officials of Dimapur.
The Tiny Card with biometric identification is SBI’s answer to the challenge of financial inclusion of one lakh villages in the country. SBI had recently announced plans to cover one lakh villages through the extensive network of business facilitators and business correspondents.
Among other benefits, the cards are currently being used as a means of payment of government benefits directly to the poor persons, such as pension payments and wages under the rural employment guarantee programme. SBI is also looking at adding facilities like fund transfers through the Tiny cards. The cards also provide services like micro savings, micro credits, micro insurance and utility payments.
“The State Bank of India with over sixteen thousand four hundred plus branches has taken up this challenge by introducing `SBI Tiny no frills account` for the urban slum communities & Rural India. In this new account there is no need of `KYC` (or Know Your Client) documents and the account can be opened with a zero balance. In this account one can deposit or withdraw from Rs.10/- to Rs.10,000/- the upper limit for this account is Rs.50,000/-. Bank has various loan schemes to cater different needs of rural farmers and urban slum based persons.”
For this programme the SBI has tied up with NGO’s who will play the role of ‘Customer Service Providers’ or rather work like a local branch. In this way the NGO’s will also benefit while the “RBI will be benefited as it is making this database for the (Unique Identity Number) UID scheme of the Government of India.” “The aim of this unique scheme is to cover as many of the poor unbanked population in the country.”
In Nagaland, Thahekhu village became the first place to have the facility of this unique scheme today, in the form of a ‘Customer Service Point’. It was launched in the presence of SBI officials of Dimapur.
The Tiny Card with biometric identification is SBI’s answer to the challenge of financial inclusion of one lakh villages in the country. SBI had recently announced plans to cover one lakh villages through the extensive network of business facilitators and business correspondents.
Among other benefits, the cards are currently being used as a means of payment of government benefits directly to the poor persons, such as pension payments and wages under the rural employment guarantee programme. SBI is also looking at adding facilities like fund transfers through the Tiny cards. The cards also provide services like micro savings, micro credits, micro insurance and utility payments.
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