By March 2019, the eastern Indian state of Odisha is encouraging financial institutions to open “banking outlets” in 656 gram panchayats (villages) that are at least 5 kilometers from the nearest bank branch or banking correspondent. In contrast to a banking correspondent, which is an individual authorized to perform transactions on behalf of a financial institution, a banking outlet must have a fixed location offering services at least 20 hours per week. It may be staffed by employees of the financial institution or banking correspondents. Banking outlets do not require telecom connections.
The government-owned State Bank of India (SBI) has set up most of the 800 banking outlets that have opened recently in Odisha. Suryoday Small Finance Bank and Ujjivan Small Finance Bank have announced plans to open 16 and 3 new branches, respectively, in the state.
As of 2017, SBI has total assets of INR 27 trillion (USD 425 billion), Suryoday has INR 16 billion (USD 252 million) and Ujjivan has INR 82 billion (USD 1.3 billion).
Sources and Additional Resources
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