SBI has engaged Indian Oil Corporation’s Kisan Seva Kendras as banking correspondents to extend banking facilities to farmers across the country. The MoU was signed by K M Trivedi, CGM-Rural Business, SBI and Sivasis Dey, GM – Retail Sales, IOC. 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. 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.
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.
Indian Oil Corporation Ltd
Indian Oil Corporation, with a net profit of Rs 103.99 billion for the financial year 2015-16, is India’s Largest Commercial Enterprise.
Headquarters: New Delhi
Founded: 1964
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