Caring

SERVING COMMUNITIES:

CARING

navigating India’s Financial Inclusion Agenda

As India’s premier bank, we believe in leading by example in having a positive impact on society at large. We believe in being a strong enabler for uplifting the underserved population, so that they too can be beneficiaries of a modernising and progressing nation. Amongst the most critical indicators of development and well-being of any society is the extent to which ‘Financial Inclusion’ exists within an economy. As “the Banker to every Indian”, we see this to be a defining purpose by which we conduct ourselves.

₹2,27,469 crore

Transaction amount recorded by our BC channel

12.05 crore

PMJDY accounts opened by SBI

11.28 crore

RuPay Debit Cards issued to customers

61,102

Operational Business Correspondents of SBI

At State Bank of India, we maintain our long-term vision to ensure that financial inclusion permeates within the country. It is our pride to realise that while we make our journey ahead a rewarding one in terms of value and wealth creation, we are doing so by fostering the development of India’s people and its economy.

During the year under review, SBI was adjudged the ‘Best Performing Bank’ in delivering on the implementation of the RSETI initiative by the Ministry of Rural Development (MoRD)

Towards this end, our framework of touchpoints through our branches, digital banking channels and a network of business correspondents, serve as the basic foundation on which we are expanding our financial inclusion initiatives. To achieve inclusive development and growth, we have thoughtfully curated policies and leveraged technology to expand our financial services to the doorsteps of India’s vast unbanked population. Through a multi-pronged approach, we aim to bring them under the ambit of the formal banking system.

We not only intend to offer convenient banking solutions to every person in the country but also impart adequate financial literacy. To achieve this, we have actively established 341 Financial Literacy Centres (FLCs) across the country. As of FY2020, these FLCs have conducted 29,995 financial literacy camps across India recording total participation of 16.82 lakh people. As a part of the pilot project implemented by RBI, we have placed 15 such centres for Financial Literacy at the block level, 5 each in the state of Maharashtra, Chhattisgarh and Telangana in association with NGOs identified by RBI.

We are also a recognised RSETI agent, encouraging social change through rural employment and wealth creation. We have so far founded 152 RSETIs, spreading across 26 states and three union territories. Till the 31st of March, 2020, we have successfully trained 93,009 candidates through our extensive network. During the year under review, SBI was adjudged the ‘Best Performing Bank’ in delivering on the implementation of the RSETI initiative by the Ministry of Rural Development (MoRD) on 19th December 2019.