Odisha Govt signs MoU with SBI to provide banking services through Self Help Groups (SHGs)

Bhubaneswar: Odisha Livelihood Mission (OLM) signs MoU with SBI; to take help of 1,692 SHGs to provide banking services in unbanked Panchayats . The agreement was signed between OLM and SBI in the presence of Chief Secretary Aditya Prasad Padhi and Managing Director (National Banking Group) of SBI Rajnish Kumar.
Odisha has become the first state to facilitate financial inclusion and extend banking services in unbanked areas through SHGs formed under Odisha Livelihood Mission (OLM), said an official.
In the first phase, SHGs would be engaged as BCs in around 1,000 remote GPs in scheduled areas having no banking facilities.
Gradually, it would be extended to 4,000 non-banking GPs and later, it would be extended to the entire state as a supplement to the banking service, he added.