The Odisha government and six public sector banks signed a Memorandum of Understanding (MoU) to provide banking services to unbanked gramme panchayats. All of the state's unbanked gramme panchayats will be served by the six public sector banks State Bank of India, Punjab National Bank, Union Bank of India, UCO Bank, Bank of India, and Bank of Baroda through CSP Plus banking sites.The government has financial inclusion at the top of its priority list. Due to the state's relatively low and unevenly distributed banking penetration, it remains a significant concern. Out of 6798 doctors, 4373 (or about 65 percent) do not have physical locations.
Every GP of the State needs to have a brick-and-mortar branch since banking is a necessary service for financial inclusion. This will make it easier for people to obtain banking services and will strengthen the state's Direct Benefit Transfer system. The government of Odisha has, as a result, proposed an ambitious plan to offer banking services to every GP through CSP Plus banking shops, it continued. Within the current fiscal year 2023–2024, the system will be introduced gradually to include all unbanked general practitioners in the state. According to the statement, the state of Odisha will offer rent-free banking facility for a period of five years.
For a period of three years, the state government would also cover one-time costs for fixed costs and recurring costs. 500 crore rupees have been set out for the scheme. "This is one of the landmark initiatives by any State Government to transform financial inclusion and take it to the next level, and Odisha is the first State in the entire country to adopt such an exemplary model for providing banking services to all GPs," the statement added. "People living in all of the state's unbanked gramme panchayats will have simple access to all banking services, free of charge. Pregnant women, persons with disabilities, and senior residents will be able to use doorstep banking services and the government's Direct Benefit Transfer programme.
