Financial Inclusion is an approach for increasing the outreach of the banking sector in unbanked areas, both rural and urban, through various modes such as opening of branches, Business Correspondent Models, installing bio-metric ATMs, Mobile Banking Vans etc. It involves delivery of financial services including Opening of Pradhan Mantri Jan Dhan Yojana (PMJDY), deposit, credit, remittance, micro insurance, micro pension and investment products particularly to the vast sections of disadvantaged/low income groups at an affordable cost. With the basic objective of achieving inclusive growth in Mission Mode, the GOI launched a new comprehensive and holistic scheme named as “Pradhan Mantri Jan Dhan Yojana (PMJDY) “on 28.08.2014. Based on Household surveys in 4580 SSAs and 1210 urban wards, your Bank had covered all the households within the record timeline on 31.12.2014. The Launching Programme of PMJDY by Hon’ble Prime Minister at Kolkata was hosted by our bank.
- A Bird’s eye view of Performance of our Bank:
BASIC BANKING THROUGH ALTERNATE DELIVERY CHANNELS & NEW INITIATIVES:
- A total of 4355 Bank Mitras have been deployed for covering SSAs allotted to our Bank for providing banking services in rural areas. There are 708 urban centers in which Bank Mitra has been deployed.
- A total of 65.95 lakh accounts have been opened under PMJDY up to 31.03.2017, an increment of 21.71 lakh SB accounts Y-O-Y. (49.07% Growth).
- Aggregate Deposit amounting to Rs.1219.39 crore has been mobilized under the PMJDY up to 31.03.2017. The y-o-y deposit growth is 164.44%.
- Total coverage under three Social Security Schemes (SSS) viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) stood at 28.43 lakh as on 31.03.2017.
- A total of 1407 and 271 claims have been settled under PMJJBY and PMSBY respectively as on 31.03.2017. The Claim paid ratio for PMJJBY & PMSBY respectively stands at 98.08% & 91.22% of our bank.
- The facility of e-KYC has been made available at all the Kiosk Locations operated by Bank Mitras for auto population of Aadhaar and Mobile seeding in these accounts.
- The facility of RuPay Card operations (Micro ATM functionalities) has been operationalised and encouraged as a party of digital push through usage of domestic RuPay card at Bank Mitra Locations.
- The number of additional AEPS transactions taken place during the year ended Mar 2017 is 111.22 lakh taking the cumulative figure to 143.73 lakh transactions as on 31.03.2017. There is 342.11 % growth in AEPS transactions during the year 2016-17.
- The Aadhaar seeding percentage in PMJDY operative account stood at 83.07% and 77.80% accounts have been issued RuPay Cards.
- 58127 Customers have been sanctioned SBOD facility involving sanctioned amount of Rs.2613.21 lakh up to 31.03.2017. No account is NPA under this category.
AWARDS & ACCOLADES
- Under Financial Inclusion Project, the Bank has provided Banking Facilities through Online Inter-operable Kiosk Banking Solution at 5063 Bank Mitra locations using Micro ATMs.
- During the de-monetization period our Bank Mitras successfully handled 39.25 Lakh transactions amounting to Rs.1480.74 Crore.
- Aadhaar Enabled Payment System (AEPS) for on-us & off-us transactions and RuPay ATM card acceptance at all Bank Mitra locations have been made mandatory along with Pass book Printing facility thus cutting down transaction cost, cost towards printing & stationery etc. and capital expenditure for setting up brick & mortar branches as well as reducing operational risk as withdrawal and fund transfers happen either through Aadhaar or Card based.
- Under New Initiative Plan, Pass Book Printing Facility at Bank Mitra Locations has been at advanced stage. This would cut down cost towards printing & stationery etc. as well as there will be no capital cost as printer shall be purchased by the Bank Mitra.
- On line Account Opening of PMJDY/Normal accounts at Bank Mitra Locations to improve per day SB account Opening of Branches and Reduce Cost of Deposit.
- RD/FD Opening Functionality at Bank Mitra Locations have already been commenced.
- Your Bank was adjudged as the Best Bank in PMJDY implementation in the category of Group-Other states and bagged prestigious Prime Ministers Award for excellence in Public Administration for “North 24 Pargana (West Bengal)
- Your Bank also bagged Winner shield in the Mid-Sized Banks Category in recognition of excellent performance for Aadhaar Enabled Payment Systems by National Payment Corporation of India for FY 2016.
- Acknowledging the Financial Inclusion Landscape achieved by Allahabad Bank, Our Bank has been adjudged as Runner Up in the category of Best Financial Inclusion Initiatives amongst Medium Banks -“Banking Technology Award 2017” by Indian Banks Association.