SBI launches ‘Bank on Bike’

Hyderabad (PTI): As part of its financial inclusion plan, state-run lender SBI today launched an innovative concept, Bank on Bike, to reach out to the unbanked population.

Cheriyal in Medak District of Andhra Pradesh, 60 km from here, became the first village in India to welcome ‘Bank on Bike’ (based on mobile banking idea).

The scheme was launched by Shiva Kumar, Deputy Managing Director, SBI-AP Circle.

The centre’s financial inclusion plan aims to cover all villages with a population of 2,000 for providing basic banking services. Andhra Pradesh has been allotted 1,381 villages, where SBI has to provide services by March 2012.

‘Bank on Bike’ concept has been introduced to cover more villages at less cost, Kumar said.

Cost was coming in the way of faster implementation of the plan and with that in mind this innovation has been introduced by SBI, he added.