SBI plans to facilitate cash transactions with Village Boards

Shillong, May 15 (UNI) In a bid to improve banking transactions in the land-locked North Eastern region, the State Bank of India (SBI) will launch a banking technology to facilitate cash transaction in villages through Village Board.

Talking to newspersons here yesterday, SBI Chairman O P Bhatt said, ''The bank will implement the new technology to create a channel of cash transaction in villages, involving the Village Boards in the difficult terrain areas of the region.

''Our experimentation in Mizoram was a significant success, involving the village board which has facilitated the villagers to open 1,600 accounts by way of transacting cash through use of smart cards and other technology,'' Mr Bhatt informed.

He added that the Bank was all set to augment its product delivery system by way of using technological advancement even to villages where there are no SBI branches.

''Core-Banking technology of SBI is ahead of other banks and comprises 60 per cent of the market share of the region,'' Mr Bhatt added.

He pointed out that the infrastructural support of the SBI gives it an edge over the private banks in the region.

''The upcoming private banks imposes no threat to the customer service of SBI,'' Mr Bhatt asserted.

When asked about SBI's plans on Centre's ''Look East Policy'', the Chairman said, ''SBI is planning to encourage investors in the hydel power and hospital sectors while in the event of increase in substantial physical trading with foreign countries in the region, the bank will venture into opening Satellite offices for further forex exchange earnings.'' UNI