3i Infotech joins SBI to launch Kiosk Banking for rural India

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Bangalore: 3i Infotech Foundation (3i Infotech) has joined hands with the State Bank of India (SBI) to provide 'Kiosk Banking' facilities to the rural citizens of India. 3i Infotech is a National Business Correspondent for SBI, and shall leverage the I-SERV stores across rural India to provide banking services to the hitherto unbanked population of the country. These services include opening of accounts, cash transactions, deposits (Fixed and Recurring Deposits) and loans (Crop, Home, Automobiles, Business, etc.). The tie-up, which will provide SBI access to over 6,000 villages in Tamil Nadu alone through more than 2,000 I-SERV stores of 3i Infotech (apart from various other states where it will be gradually rolled out) over a course of time, will go a long way in achieving the goal of financial inclusion in the country, especially in rural India. Anirudh Prabhakaran, Executive Director and President, South Asia, 3i Infotech said, "The I-SERV initiative of 3i Infotech brings together a plethora of services across spaces like education, agriculture, banking, travel and insurance to the rural citizens - all aimed at enriching rural lives. With the emphasis on introducing such services especially for rural customers, I-SERV is proud to bring the 'SBI Kiosk Banking Initiative' to Tamil Nadu. We are sure that this initiative will scale-up rapidly and bring real value to a large section of citizens in rural Tamil Nadu." I-SERV model will involve the use of biometric devices, which will 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. J Chandrasekaran, Chief General Manager, State Bank of India, Chennai Circle said, "This new model will help SBI to simplify the processes and cost required to reach out to the remotest corners. We are happy to partner with 3i Infotech Foundation to offer the banking services through their I-SERV stores into remote rural India."