Sambalpur: There are no bank branches in 4373 panchayats out of 6978 panchayats of the state

Bhubaneswar: There are no bank branches in 4373 panchayats out of 6978 panchayats of the state. It has become necessary for banks to reach these panchayats to bring banking services to everyone. The Odisha government has signed a memorandum of understanding (MoU) with six state-owned banks to open CSP-plus banking outlets to bring banking to all panchayats. Those banks are the State Bank of India, Punjab National Bank, UCO Bank of India, Union Bank of India, Bank of India, and Bank of Baroda.

500 crores have been earmarked for the scheme to be phased in. The government will provide rent-free mortgages to banks for 5 years. The government will bear fixed and recurring expenses for three years. 5 crores have been allocated for this scheme. This campaign has been launched to transform financial inclusion in the state according to the 5T of the Chief Minister. This will ensure the timely transfer of direct benefits of government schemes.