AP to set up ATMs at RBKs to allow easy banking access to farmers

To extend banking services to farmers in the rural areas of Andhra Pradesh, the state government has proposed setting up ATMs in Rythu Bharosa Kendras (RBKs) across the state. On a pilot project, the first ATM is being set up at the RBK in West Godavari district.

By Newsmeter Network  Published on  17 Dec 2021 3:28 PM GMT
AP to set up ATMs at RBKs to allow easy banking access to farmers

Vijayawada: To extend banking services to farmers in the rural areas of Andhra Pradesh, the state government has proposed setting up ATMs in Rythu Bharosa Kendras (RBKs) across the state. On a pilot project, the first ATM is being set up at the RBK in West Godavari district.

So far, 9,160 banking correspondents have been deployed in 10,778 RBKs to help farmers access banking services at RBKs. Steps are being taken to deploy 1,618 banking correspondents. The strengthening of the banking system will not help the agriculture sector but also extend support to departments of fisheries and animal husbandry.

According to the state government, the intention to deepen the financial literacy of the farmers and allied sectors led to the incorporation of banking correspondents and the setting up of ATMs in RBKs. This decentralized model of banking will aid in boosting agriculture credit and create a healthy financial network, it said.

Agriculture commissioner Arun Kumar added, "Banking correspondents are already offering financial services and acting as mini ATMs, allowing cash withdrawals and deposits of up to Rs. 20,000. With the setting up of full-scale ATMs, the financial services will further be expanded."

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