Financial Inclusion Andhra Bank

Government of India and Reserve Bank of India have directed all Banks to implement the Financial Inclusion Plans (FIP) to provide banking service outlets in all villages with population above 2,000 by March, 2012. Our Bank has submitted a road map to implement the FIP using information and communication and technology mode with Business Correspondents net work i.e. branch less banking outlets. Bank has empanelled M/s Bartronics India Ltd as service provider to give an ‘end to end’ solution for the FIP. Our bank is allotted with 1,149 villages with population above 2,000 for providing such outlets. Of which, 1,054 are located in Andhra Pradesh State. The Financial Inclusion Plan (FIP) covering all the villages has been submitted to Reserve Bank of India.

M/s Bartronics India Ltd., the Institutional Business Correspondent (BC) appointed by Bank for the FIP implementation has deployed individual B.Cs/ Customer Service Providers (CSPs) in each village for conducting the banking transactions through Point of Sale (PoS) devices. The CSPs have been deployed after a due diligence process undertaken by the respective Branch Managers.

Bank has proposed to provide the four basic products through these BC operated banking outlets at the doorstep of the villagers. They are a) simple savings bank account with built-in overdraft facility; b) a recurring deposit product; c) remittance facility; and d) entrepreneurship credit in the form of KCC or GCC.

Coverage of Villages having  population above 2000:

Financial Literacy initiatives:

Bank has released pamphlets and deployed publicity-vans for educating the rural people on the Financial inclusion scheme. The Branch Managers are visiting the villages to promote financial literacy for the benefit of rural people. Supervisors-on-contract-basis have been appointed for promoting financial literacy in the villages and mentor the CSPs to deliver quality service at the villages.

A documentary has been prepared to display in rural areas as a part of Financial inclusion literacy drive. Mobile jeeps mounted with publicity material on Financial literacy are also deployed in the rural areas. Bank is planning to publicize these initiatives on a larger scale shortly.

As Convener of SLBC, A.P., we have taken up common publicity initiative regarding the benefits associated with opening of savings bank accounts by rural people through printing of posters, audio materials etc., as part of swabhiman campaign.

Other Financial Inclusion initiatives:

1. Electronic Benefit Transfer of Government Schemes – MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme & SSP ( Social Security Pensions) :

   Electronic Benefit Transfer (in 4 districts of A.P. Of which, Guntur & Srikakulam districts under ‘One District – One Bank’ model; East Godavari district under service area approach and Warangal district (in one pilot mandal covering 25 villages)

   Number of villages covered
   2665

   Number of BCs/CSPs deployed:
   2665

   Number of beneficiaries enrolled
   14.65 Lakhs

2. Smartcard-based transactions for SHG beneficiaries: :

   The scheme is functioning on a pilot project basis at four branches. All the Self Help Groups of Rayavaram, Anaparthi, Kadiam & Bibinagar are undertaking banking transactions through B.C operated PoS devices at their villages. By this method, the SHG women are saving their time and money, since the normal banking transactions in their SHG accounts are done at their doorstep.

Click here for Statement of Villages covered by Andhra Bank in Andhra Pradesh
Click here for Statement of Villages covered by Andhra Bank in Other States