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Branchless Banking Initiative- Sulav Banking
Leveraging on technology, the Bank intends to reach unbanked segment in many rural areas without having its physical presence through branchless banking. The Bank tied up with one of a leading technology service provider in India, Financial Inclusion Network Operation (FINO) having substantial experience in branchless banking has entered in field of branchless banking after obtaining an approval from Central Bank. The branchless banking is called “Sulav Banking” and is successfully running at 7 different semi-urban and rural settings across various geographical and socio-economic contexts. At these locations, more than 2500 people are getting access to banking whereby the Bank offers affordable and customized financial services including micro credit and saving product through biometric smart card and Point of Transaction (POT) device.
Taking a step forward, the Bank has joined hands with United Nations World Food Programme (WFP) for providing cash distribution services to over 1600 beneficiaries in Ladagada and Pokhari Village Development Committees (VDCs) of remote Doti district under the Food for New Village Project. The project is also contributing in creating awareness among locals on importance of saving habit in this rural community, as many of the beneficiaries can transact through the authorized branchless banking agents appointed by the Bank.
The Bank continues to make forays into many more such rural destinations for branchless banking with an objective of making banking a reality to people who till now think that banking is the prerogative of urban population only.