On Saturday, the public sector Indian Bank announced the launch of the ‘IB SAATHI’ initiative, which aims to provide an integrated ecosystem for all stakeholders in the financial services via the business correspondent route.
The IB Sustainable Access and Aligning Technology for Holistic Inclusion (SAATHI) provides an improved user experience by streamlining service delivery and including both basic and value-added services for clients.
According to a new release, the project was inaugurated at the bank’s corporate office by Managing Director and CEO S L Jain.
With the commencement of the initiative, Indian Bank seeks to provide basic banking services at all centres for a minimum of four hours per day at fixed branches, while the Banking Correspondents would expand their services straight to customers’ doorsteps.
Indian Bank intends to deploy around 5,000 banking correspondents by March 2024, which will increase the bank’s reach and accessibility.
The city-based lender now has 10,750 banking correspondents and 10 Corporate Business Correspondents, with plans to increase that number to over 15,000 banking correspondents and 15 Corporate Business Correspondents.
“The bank already offers 36 distinct services to customers through the Banking Correspondent channel, and over 60 services will be introduced throughout the fiscal year 2024-25”, the statement reads.
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