State Bank of India (SBI) has started providing today a zero balance bank account to the poor for Re 1 . The aim of this kind of system is to help people to open a bank account though they do not have an identity proof.
The SBI launched this novel programme at Nimboliadda near Kachiguda by opening bank accounts to the poor. The bank officials said that a kiosk will be set up in the slum which acts like a bank, where an account holder can withdraw and deposit cash. An applicant will not be asked to fill up a form to execute a transaction. We will use biometric system through which the fingerprints of the applicants will be scanned for authentication. Based on this, transaction will be processed.
Nearly 20 kiosks will be set up across the city and they will be operated by Gaia Finance on behalf of the SBI. Gaia Finance has already been conducting similar operations in other parts of the country in coordination with the SBI.