SBI plans smart card for Sikkim

State Bank of India (SBI), Bengal Circle, is planning to launch a "Smart Card Solution" through a business correspondent model in a month.

The bank has already launched bio-metric based smart cards on a pilot basis in three districts of Andhra Pradesh, Karnataka and Mizoram.

"Talks are on with a few vendors and would be launching it on a pilot basis in North 24- Parganas, soon," said Jayanta K Sinha, chief general manager, SBI Bengal Circle.

Our sources at the bank said that "Little World" is going to be the most likely vendor.

Under this system general credit cards would be given to the rural masses with the opening of a savings account and after six months the accounts would become credit linked.

The bank is going to appoint self help groups and NGOs as business correspondents to reach out for the unbanked population in the rural areas.

In this connection the CGM claimed that the bank has achieved 100 percent financial inclusion in the districts of East Sikkim and South Andaman.

"Now we plan to bring districts of South Sikkim and Nicobar under 100 percent financial inclusion by the end of June, 2008," Sinha added.

Commenting on the branch expansion plans in the state of Sikkim, he said the bank is undergoing a survey for opening branches in 10 unbanked blocks of the state.

"The Sikkim government has requested us for opening branches in 10 blocks of the sate which are unbanked at the moment," he said.

As of now there are 28 branches in Sikkim with total business of around Rs 1400 crore and this includes deposits and advances which accounts for Rs 960 crore and Rs 440 crore respectively.

Meanwhile the bank is expecting a total business of around Rs 61,000 crore by the end of this fiscal from the Bengal Circle, Sinha said while talking with the media.

In the same period deposits of the bank is expected to grow by 25 percent to Rs 37,000 crore and the total advances would be around Rs 24,000 crore, a growth of 16 per cent.

"We would like to grow our deposits and advances by 35 percent and 25 percent respectively in the next financial year," he added.

The bank is planning to open 100 more branches and 120 ATMs in the circle in the next financial year.