ICICI Bank has signed a pact with CSC e-Governance Services India to extend its banking and other services to the country’s rural regions.
“As per the MoU (memorandum of understanding), ICICI Bank will engage more than 3 lakh CSCs (common service centres) working at the last mile as banking correspondents,” CSC e-Governance Services India and ICICI said in a joint statement.
It added that being a technology-driven bank, the pact with ICICI would enable the CSCs to leverage its technology to reach out to undeserved communities and provide a range of services.
Under the partnership, people in rural areas will be able to deposit, withdraw and transfer money from their ICICI bank account, subscribe to term deposit plan, obtain small-value loans, pay bills and other services through CSCs.
“CSCs serve as the delivery point for financial services and products, mainly for rural citizens. Our association with the ICICI Bank would help in extending the reach of financial services through CSC, thereby promoting a financially inclusive society,” said CSC SPV Chief Executive Officer Dinesh Tyagi.