Free Press Journal

Indore: Digital banking revolution to be taken to villages


Indore: The digital banking revolution started from metro cities and tire-II cities. Now, we are focusing to extend it to towns and villages. Awareness camps will be organised in Malwa and Nimar region. This was stated by Auro Kumar Mohapatra, Indore zonal manager of Bank of India, in an exclusive interview with Free Press.

He said that bank will achieve it through its Gram Swaraj Campaign. “Under the drive, we are trying to generate financial literacy in villages while apprising them about the utility of BHIM app, mobile banking, internet banking etc. We are focusing Barwani district of western Nimar,” he said.

To a query on extending banking services in remote areas and villages, Mohapatra said efforts are underway to expand network of business correspondents from 500 to 1000. The business correspondents will work as mini banks as they will have point of sell machines. They will deposit and credit the cash at customers’ door steps.

He said the bank will give loan against gold to marginal farmers. “All branches of zone have been authorised to sanction loans. The scheme is taken after taking feedback of customers who had bad  experience of taking loan against gold from private finance companies,” he said.

He said the bank launched the scheme last month and eight cells have been constituted.  “We are getting favorable response,” he said. According to Mohapatra, bank will launch an upgraded mobile app soon. The exercise is aimed to raise  awareness towards adopting digital mode of banking among villagers.

Targeting the capital requirement of SMEs, the bank has launched Welcome Scheme for the customers on June 15. Under the scheme, loan up to Rs 5 crore would be made available at concessional rate. Besides, bank will provide loans under Stand-Up India, Start-Up India schemes to SMEs through Mudra Yojna.

“The scheme is also for those customers who wish to switch their loan account from one bank to our bank. We will offer concessional interest rate and easy processing procedure,” he said. Mohapatra has over 26 years of banking experience. He has worked in Paris, France, as well. He is an avid book and newspaper reader.