New Delhi, Aug 22 (UNI) India Post and the State Bank of India today launched a unique joint project in Punjab to provide banking facilities in the unbanked areas.
The rural masses in the state can now access the loan and deposit schemes of the State Bank through post offices.
The facility has already been set up in 43 post offices.
The target is to extend the arrangement to 600 more post offices, an official statement said.
Postmasters of rural postal branches have been, specially trained for this purpose.
The joint venture mainly focuses on rural customers who are in need of loans but unable to reach banks. The post offices will carry out all the front office jobs for the State Bank relating to loans and deposits, including disbursement of loans.
The loans will, however, be sanctioned by the SBI.
Post Offices are already handling the SBI Mutual Funds.
There are a total of over 3,900 postal branches in Punjab.
UNI SBA MP ND2022