Odisha Govt to open 'CSP Plus' banking outlet in 4,373 unbanked gram panchayats
Aug 11, 2023
Bhubaneswar (Odisha) [India], August 11 : Odisha Government will open 'CSP Plus' banking outlet in 4,373 unbanked gram panchayats to provide banking services, informed a government release on Friday.
According to the release, Odisha Cabinet headed by Chief Minister Naveen Patnaik has approved the scheme to open the "CSP Plus" Banking Outlet in coordination with six public sector banks, namely State Bank of India, Punjab National Bank, UCO Bank, Union Bank of India, Bank of Baroda and Bank of India in 4373 unbanked gram panchayats of the State with budgetary support of around Rs 500 crore.
"Financial inclusion is a high-priority agenda of the government. For the state of Odisha, financial inclusion is still a critical challenge since banking penetration in the state is quite low. Out of 6798 Gram Panchayats (GPs), around 65 per cent of GPs (4373 GPs) do not have brick-and-mortar branches. Since banking is an essential service for financial inclusion, every GP of the State needs to be provided with a brick-and-mortar branch for uninterrupted banking services", said Finance Department in a press statement.
"However, the progress in terms of setting up brick-and-mortar branches in unbanked GPs by banks is very slow and negligible. Therefore, the government of Odisha has come forward with an ambitious target of providing banking services to every GP through CSP Plus banking outlets."
The scheme will be implemented in a phased manner to cover all 4373 unbanked Gram Panchayats (GPs) in the State for providing banking services through CSP Plus banking outlets within the current financial year 2023-24.
"Government of Odisha will provide rent-free banking space for 5 years. In addition to this, the Government of Odisha will also bear one-time expenses for Fixed Cost and Recurring expenses for a period of three Years", the statement said.
The statement further mentioned that the scheme will enhance the coverage of financial inclusion in the State in a big way. People residing in all Unbanked Gram Panchayats of the State will have easy access to all kinds of banking services free of cost.
Senior citizens, differently-abled people and pregnant women will get doorstep banking services and avail the Direct Benefit Transfer of the Government in a timely manner
State Cabinet headed by Chief Minister Naveen Patnaik on Friday also approved a total of 19 proposals from 12 different Departments.
