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Karnataka
Corporation Bank launches branchless banking
Staff Correspondent
MANGALORE: C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister, visited Soorinje and Paranki village in Dakshina Kannada district to acquaint on implementation of financial inclusion and launch the branchless banking project by Corporation Bank recently.
Dr. Rangarajan distributed smart cards on the occasion.
The bank has started a new experiment – branchless banking in villages identified under the financial inclusion project under a directive from the Union Finance Ministry.
This means providing basic banking services without having to open an expensive branch. The service will be run by the people of the village. Each identified person is given a smart card which is akin to e-purse.
One of the villagers is appointed as “business correspondent” and he is given the branchless banking kit and cash to dispense basic banking services to the villagers. The branchless banking kit is a handheld device with multiple connectivity options. The operations are carried out through radio frequency identification cards provided to business correspondents and the villagers, the bank release says.
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