Our out-reach is not as widespread as we would have liked it to be. Our target is to bring at least 50,000 unbanked people in the banking arena this year and to enable that we have identified financial touch points. We are in dialogue with NGOs and creating joint liability groups. The next growth area is rural India. We are integrating micro-credit and insurance, backing it with technology, incorporating financial learning through credit counselling centres. With a smart card or mobile phone, the rural population can now get loaded. It?s both exciting and satisfying for banks.

So far, we have institutional business correspondents such as Fino Fintech Foundation, Zero MASS Foundation, EKO Aspire Foundation, which are national level players. Circle/regional level BCs are SEWA BHARAT, Partners in Prosperity (PnP) and Sukkaki Foundation. These are various NGOs/MFIs/ Section 25 Companies, who are eligible to become BCs as per BRI Guidelines. Fino is operating in Saharanpur and Agra districts, covering a population of 1,59,382. ZMF is operating in Pithoragarh, Pauri and Chamoli, covering a population of 26,497. Eko is operating in Uttam Nagar, Noida and Gurgaon, covering 32,437 people. SEWA BHARAT is operating in Almora, covering 580 people. PnP is operating in Dehradun, covering 447 people. A recent entrant is the first individual correspondent, Dharma Singh, who started operating this month from Barotiwala village, Vikas Nagar, and has opened 17 accounts. In all 2,19,360 people are covered.

Though the BC initiative was taken in 2007, the initial response was slow, but it?s picking up. While Fino/ZMF work on Smart Card Technology, Eko has cellphone messaging system. Our bank, in consultation with TCS, has also evolved its own technology?kiosk banking. For the Delhi Circle, we have been allotted 1,032 villages by sub-committees of respective lead banks.

The RBI has also relaxed eligibility criteria for BCs. Now any individual operating a common service centre can be engaged as a BC, subject to bank?s comfort level and due diligence. To enable this we have already started a campaign for identifying individual BCs. These BCs have to have deep reach in their areas. They will also have a choice to select any technology?smart card/mobile-based/kiosk banking. We are also in the process of installing rural ATMs that will operate biometrically.