SBI has engaged Indian Oil Corporation's Kisan Seva Kendras as banking correspondents to extend banking facilities to farmers across the country.
Indian Oil Corporation (IOC) has set up 6,500 KSKs in rural and remote areas which provide access to various agricultural inputs like diesel, seeds, fertilisers, pesticides to farmers.
The tie-up will help farmers avail the facilities of various products and services by SBI customer service points (CSPs) like savings account, term deposit, recurring deposit, micro credit, remittances, social security schemes, Aadhaar seeding through KSKs.
State Bank of India (SBI) has signed an MoU with IOC as part of its financial inclusion programme that will help the lender further its services to the farming community.
"The MoU with SBI will enable KSKs to make banking facilities available in the remotest parts of the country and also supplement their income by earning revenue on banking transactions," SBI said in a release today.
SBI, the bank with 62,341 CSPs, handles over 1 million transactions per day.
Besides, SBI facilitates farmers to buy agriculture inputs by using Rupay Debit Cards issued to them, eliminating the need to carry large amounts of cash.
The MoU was signed by K M Trivedi, CGM-Rural Business, SBI and Sivasis Dey, GM - Retail Sales, IOC.
