The network of Akshaya centres in the State is set to become a key player in the decentralised banking services sector. The Kerala State IT Mission (KSITM) has initiated moves to provide all the 2,450 Akshaya centres with banking kiosks equipped to offer the full spectrum of banking and insurance services under the national mission for financial inclusion.
Round the clock
As many as 946 centres already have kiosks functioning round the clock where clients can open bank accounts and deposits, withdraw credit and cash, and transfer money. The KSITM has an agreement with 13 banks for the kiosk banking scheme. Bank transactions at the kiosks are paperless and done through a biometric verification system.
“With Kerala becoming the first State to have brought all households into the banking network under the Pradhan Mantri Jan Dhan Yojana (PMJDY), it is time to take the kiosk banking concept to the next level,” says KSITM Director K. Mohammed Y. Safirulla. “We are planning to equip all the Akshaya centres with banking kiosks and offer life insurance, accident insurance and pension services linked to the PMJDY. Having achieved a certain level of maturity in the e-governance domain, the Akshaya centres are expected to contribute to the financial inclusion programme in a big way.”
Benefits for all
Kiosk banking is designed to be mutually beneficial to banks, Akshaya entrepreneurs, and the public. While it frees banks from the liability of opening new branches to enlarge the customer base, it opens up a new business opportunity for Akshaya entrepreneurs, while catering to citizens who have limited access to full-fledged banking services. Under the national mission, banks are authorised to join hands with reliable agencies to ensure financial inclusion.
The Akshaya network had played a key role in bringing all households into the banking network. As many as 1 lakh savings bank accounts were opened through kiosk banking. Daily wage workers, students, small businessmen, and farmers are among the regular patrons of the kiosk network.
