As Maharashtra is likely to develop a network of over 50,000 new mini bank branches in remotest tribal villages, apart from other banks, the help of Saraswat Bank is being enlisted to digitize fair price shops across the state.
Saraswat Bank as well as others such as Axis Bank, IDFC etc – enlisted for the job would put up micro ATMs which would act as mobile banks where individuals will be able to open an account, deposit, withdraw or transfer funds, reports a news outlet.
The Maharashtra govt has mandated the Saraswat Bank to cover 10 districts in all.
At the time of demonetization, the government had announced that it would equip all 5.58 lakh ration shops for cashless transactions. Micro ATMs placed at kirana shops, chemists and panchayat offices would enable a range of banking transactions and Direct Benefit Transfers (DBT) for customers of all banks.
Being one of the few urban cooperative banks which supported the demonetization bid of the govt, Saraswat Bank plunged itself headlong into digitalization in the aftermath of demonetization.
It has moved since a long way in the journey of cashless India. It was in this backdrop that the state govt has decided to seek its help in digitalization of fair-shops in remote areas, said a cooperator connected with Saraswat Bank.