SBI Signs MoU with Indian Oil Corporation to Empower Indian Farmers

State Bank of India, country’s largest commercial bank entered into an MoU with Indian Oil Corporation (IOC) to engage IOC’s Kisan Seva Kendras (KSK) as Business Correspondents (BCs) of SBI. The MoU is an initiative as part of the financial inclusion programme of SBI.

IOC has set up 6,500 KSKs in rural and remote areas which provide access to various agricultural inputs like diesel, seeds, fertilizers, pesticides etc. to the farmers. The MoU with SBI will enable KSKs to make banking facilities available in the remotest parts of the country and also supplement their income by earning revenue on banking transactions.

SBI is the largest financial services provider with 62,341 Customer Service Points (CSP) in India which handles over 1 million transactions per day. The initiative will help farmers to avail the facilities of various products and services by SBI CSPs viz. Savings Account, Term Deposit, Recurring Deposit, Micro Credit, Remittances, Social Security Schemes, Aadhaar Seeding through KSKs. The bank also facilitates farmers to buy agriculture inputs by using Rupay Debit Cards issued to them, thus eliminating the need to carry large amounts of cash.

The MoU was signed by Mr. K. M Trivedi, CGM-Rural Business, SBI and Mr. Sivasis Dey, GM - Retail Sales, IOC in the presence of Mr. Rajnish Kumar, MD - National Banking Group, SBI and Shri. D.K Sharma, ED - Retail Sales, IOC.