State Bank of India and Indian Oil Corporation are partnering to implement the bank’s financial inclusion program for farmers through the Indian Oil’s Kisan Seva Kendras. SBI has entered into an MoU with IOC to engage the Kisan Seva Kendras as BCs. Under the agreement, SBI will provide access to banking services for farmers utilizing IOC’s kiosks and supplement their incomes through revenue earned on banking transactions. IOC has set up 6500 KSKs in rural and remote areas, which provide various agricultural services like diesel, seeds, fertilizers, pesticides etc. to the farming community. The MoU will enable KSKs to make banking facilities available in the remotest parts of the country. It will also help the farmers avail facilities and various banking products and services like bank accounts, term deposits, recurring deposits, micro-credit, remittances, social security schemes and Adjara seeding through the kiosks.
