i nc lu s i ve f i nanc e i nd i a re port 2014
26
strategy and priorities. The resultant competition among
banks would benefit the cause of inclusion and improve
the banks’ bottom lines.
One of the major challenges has been that the banks
are yet to develop a BC-ICT model which is scalable
and can help to achieve the financial inclusion targets.
Similarly, the use of financial infrastructure is inadequate,
with the number of transactions and accounts opened
by the BCs remaining unimpressive. Other deficiencies
in scaling up the BC model include Restrictive Cash
B
OX
2.1
Select Financial Inclusion Measures of Banks
Axis Bank:
Launched the facility of account opening for the FI customers in a paperless and near instant fashion through the BC channel via
the e-KYC route.
Bank of Baroda
:
Has set up more than 1,000 urban kiosks at various locations through arrangements with Common Service Centres (CSCs).
Banking services are also being provided through mobile vans during fixed days in a week in six states.
Canara Bank:
Provided Micro Insurance and Micro Pension under Canara Nayee Disha Scheme. Deployed Gramin Vikas Vahini for enhancing
financial literacy and credit counselling.
Dena Bank:
Launched biometric ATMS that can be operated by thumb impression which is convenient for small customers and semi-literate
persons.
HDFC Bank:
Formed a network of rural business hubs which are involved in the Sustainable Livelihood Initiative (SLI) to provide financial
inclusion for the unbanked.
ICICI Bank:
Provides remittance facilities to migrant workers in urban areas through tie-ups with BCs and telecom companies.
It launched ‘Branch on Wheels’ to provide banking services to a cluster of remote unbanked villages in three states.
Conducts village-level financial literacy workshops called ‘Gram Samvad’ using innovative methods like comic books and audio
visual media.
Indian Overseas Bank
:
Special Financial Inclusion Branches have been opened in the State of Tamil Nadu. 8 to 10 BCs are clustered and assisted in
operations.
State Bank of Bikaner and Jaipur
:
Facilitates opening of ‘Small Account’ by migrant labourers, street hawkers and other poorer sections of the society.
State Bank of India:
Linking of villages to branches through CSPs in a hub- and-spoke model has been launched. A facility of depositing loan repayments
at BC outlets has also been enabled.
UCO Bank
:
Alternative model to provide secure and hassle-free banking services for the financially excluded Mobile vans with CBS connectivity
for online are operating in the unbanked villages.
YES Bank
:
Key initiatives undertaken by YES BANK to promote financial inclusion included YES SAHAJ—a Mobile Transaction Kit, YES
MONEY–Domestic Remittance service and YES LEAP–product suite for SHGs through partner NGOs acting as BCs. It also
launched prepaid cards on a remittance platform which is expected to enhance financial inclusion.
YES Sahaj Micro ATM, an innovative, cost-effective and scalable mobile transaction solution benefited rural families, migrant
workers and plays a pivotal role in the operations of YES LEAP and YES Money.
Source
: Annual reports 2013–14 of various banks.
