Hyderabad: Andhra Pradesh government has announced a scheme for farmers to empower them and uplift them in society with greater access to banking services.
The Reserve Bank of India (RBI) has appreciated the growth of the agriculture sector and Rythu Barossa Kendras (RBKs). After the scheme was applied in Andhra Pradesh, other states also reproduced Andhra’s Farmers’ welfare schemes.
The state government has combined the services of Banking Correspondents (BCs) at RBKs to expand banking services and financial inclusiveness in rural areas. To provide them with access to banking services at RBKs, 9160 banking correspondents are mapped with the 10778 RBKs. The bankers are also trying to deploy the remaining 1,618 banking correspondents.
This banking system will not only help the agricultural sector but also help Fisheries and Animal Husbandry. This system will also help to raise agricultural credit and create a healthy financial network.
The agricultural commissioner said “Banking correspondents are already offering financial services and acting as mini-ATMs, allowing cash withdrawals and deposits up to Rs 20,000. With the setting up of full-scale ATMs, the financial services will further be expanded.”