SBI launches ''Bank on Bike'' in AP

Hyderabad, Jan 14 (PTI) As part of its financialinclusion plan, SBI today launched an innovative concept,''Bank on Bike'', to reach out to the unbanked population.

Cheriyal in Medak district of Andhra Pradesh, 60 kmsfrom here, became the first village in India to welcome ''Bankon Bike'' (based on mobile banking idea).

The scheme was launched by Shiva Kumar, DeputyManaging Director, SBI-AP Circle.

The Centre''s financial inclusion plan aims to coverall villages with a population of 2,000 for providing basicbanking services. Andhra Pradesh has been allotted 1,381villages, where SBI has to provide services by March 2012.

''Bank on Bike'' concept has been introduced to covermore villages at less cost, Kumar said.

Cost was coming in the way of faster implementation ofthe plan and with that in mind this innovation has beenintroduced by SBI, he added.