Indian Bank announced the launch of ‘IB SAATHI’ initiative, aiming to provide an integrated ecosystem for all stakeholders in the financial industry via the business correspondent route, on Saturday.
The IB Sustainable Access and Aligning Technology for Holistic Inclusion (SAATHI) programme provides an improved user experience by streamlining service delivery and including both basic and value-added services for clients.
According to a news release, the project was inaugurated at the bank’s corporate office by S L Jain, Managing Director and Chief Executive Officer of the bank.
With the commencement of the initiative, Indian Bank seeks to provide basic banking services at all centres for a minimum of four hours per day at fixed branches, while Banking Correspondents would expand their services straight to customers’ doorsteps.
Indian Bank intends to deploy around 5,000 banking correspondents by March 2024, which will increase the bank’s reach and accessibility.
The city-based lender now has 10,750 banking correspondents and 10 Corporate Business Correspondents, with plans to increase that number to over 15,000 banking correspondents and 15 Corporate Business Correspondents.
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The bank already offers 36 different services to consumers via the Banking Correspondent channel, and over 60 services will be introduced during the fiscal year 2024-25, according to the statement.
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