Corporation Bank launches 150 Grameen Vikas Kendras

The Kendras were declared open by Reserve Bank of India Deputy Governor Dr K C Chakrabart at Bangalore. Corporation Bank Chairman and Managing Director J M Garg presided over the launching ceremony.  With the opening of 150 Grameen Vikas Kendras, the total tally of such outlets has gone up to 568.

According to a press release, branchless banking was a technology enabled, low-cost, alternate delivery channel that facilitates basic banking services to the rural communities at their doorstep through Business Correspondents at an affordable cost in a secure manner. It encourages the customers to open accounts with the bank and to start transactions. This model addresses the three major problems being faced by the rural communities viz., access to financial services, affordability of such services with lower transaction cost and the products and services suited to their needs.

Under the facility, customers are provided with a smart card, which acts as an e-purse and e-passbook and holds multiple accounts of the customer like savings account, loan account, general credit card and recurring deposits. The Bank has also tied up with a dairy for handling their fortnightly milk payments through the smart cards.