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Chart Of The Day: Eko & Banking Correspondent Transactions With State Bank Of India

Business Correspondents extend the mandate of banks to individual businesses through digital networks - they operate in the same way as ATM machines do, allowing users to open bank accounts, withdraw and deposit cash. The State Bank of India was among the first to experiment with this model, and Eko Financial Services was the technology service provider for the bank. Via a Right To Information filing with the State Bank of India, we've received the following information: - As on August 2011, there are 2291 Business Correspondents engaged with the State Bank of India - The Total Number of Point of Service customer service points through the Business Correspondents model with SBI are 27,889. - The total number of transactions carried out by business correspondents with SBI stood at 16391 for August 2011, out of which 337849 were deposits 5534 and…

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