SBI Ties Up with 3i Infotech for I-SERV Stores
The State Bank of India has selected 3i Infotech Foundation to set up its I-SERV stores (kiosk banking facilities) across rural India to provide online banking services to the unbanked population.
The I-SERV stores will serve as a virtual bank for rural citizens, providing services like opening of accounts (no frills, savings, current, etc) as well as cash transactions, apart from facilitating services like various types of loans (crop, home, automobiles, business loans, etc.), and deposits.
This initiative will provide SBI access to over 6,000 villages in Tamil Nadu alone through more than 2,000 I-SERV stores (apart from various other states where it will be gradually rolled out) over a course of time.
This model will involve the use of biometric devices to enable verification and authentication of the identity of customers through recognition of their fingerprints. It will therefore enable a rural customer to carry out the aforementioned banking transactions at the remotely located kiosk, instead of having to travel several miles to the nearest bank branch.
The I-SERV initiative brings together various services across segments like education, agriculture, banking, travel, and insurance to the rural citizens.
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