Indian Bank rolls out IB SAATHI to provide basic banking services

Indian Bank has embarked on a mission to deploy more than 5,000 new BCs by March 2024.

Indian Bank rolled out IB SAATHI, a financial inclusion product, at its corporate office on September 14. The even was presided over by MD & CEO S.L. Jain

Indian Bank has unveiled IB SAATHI (Sustainable Access and Aligning Technology for Holistic Inclusion), a financial inclusion solution, aimed at providing basic banking services to stakeholders through the business correspondent (BC) channel.

With this revamped model, the bank aims to provide basic banking services at all centres for a minimum of four hours per day in fixed outlets, the public sector lender said in a statement.

Additionally, BC agents will extend their services directly at the doorstep of customers, making access to financial services even more convenient and inclusive.

Indian Bank has embarked on a mission to deploy more than 5,000 new BCs by March 2024. Right now, it has 10,750 BCs and 10 corporate business correspondents (CBCs), which will be enhanced to 15,000 BCs and 15 CBCs.

Currently, Indian Bank offers 36 different services to customers through its BC channel. In FY25, the bank is poised to introduce additional 60 services.