Monday, June 24, 2024
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Shillong’s first Urban Customer Service Points launched

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By Our Reporter

 SHILLONG: In its endeavor to provide banking facilities for the economically backward classes of the society, the State Bank of India (SBI) on Tuesday opened Shillong’s first Urban Customer Service Points (CSP) where urban poor including petty businessmen can open a bank account with as low as 10 rupees.

Inaugurated by Urban Affairs Minister Ampareen Lyngdoh in the presence of the general manager (Network II) of SBI, local head office Guwahati Farooque Shahab here at the MUDA Complex-Garikhana, the first urban CSP will be operated and run by the Khyndai Kyntoit Social and Cultural Organization (KKSCO).

The KKSCO, using internet platform and the Kiost banking software of SBI will open 29 bank accounts at present for the economically backward classes to avail the banking services whereby they will be provided with identity cards. People can deposit and withdraw amounts as small as 10 rupees, earn interest and get access to all other services offered by the bank.

“These transactions can be done at the CSP without going to the bank branch of the SBI and CSP will also help the bank in sourcing small loans with the rate of interest as low as 4 percent from the small vendors that will be sanctioned by the bank officials and repayment of loans can be made through the same system”, KKSCO general secretary Anbruce Lyngdoh told reporters here on the sideline of the programme.

The SBI has put in place biometric smartcards to operate the new facility which was set up part of its national rollout of CSP which would function as a mini bank branch with a business correspondent (BC) available on all working days. It would be equipped with a laptop that is connected to the SBI’s core banking network. Through a sensor, the fingerprints on biometric cards are recognized for identification purposes. “We are targeting 10,000 per individual per day including deposit and withdrawal. As far as recurring deposit account is concerned, it is flexible in nature and very much suited to rural people and small vendors who do not have a fixed monthly income”, Lyngdoh said.

The SBI has expressed a need for government support for opening more CSP in the city while mentioning that there should be enough accounts to pick up the volume. Further, it has also provided scheme where economically backward people can deposit Rs 100 per year and in case of accident or death, the saving bank account holders can avail the personal accident insurance which is for Rs 4 lacs.

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