Chief Minister Naveen Patnaik launched the “AMA Bank” scheme

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On Tuesday (28 November 2023); Chief Minister Naveen Patnaik launched the “AMA Bank” scheme, a landmark initiative to provide banking services through CSP (Customer Service Point) Plus outlets in all unbanked Gram Panchayats in Odisha. Patnaik sees the CSP Plus model as a national benchmark.

Launching the scheme, Naveen said: “The CSP Plus model innovated by Odisha will become a model for the rest of the country.”

Odisha leads as the first state to introduce a comprehensive financial inclusion scheme, recognizing its role in social and economic progress. Collaborating with six public sector banks, the “Ama Bank” program aims to extend banking services to unbanked Gram Panchayats, addressing challenges in areas lacking physical bank branches.

These six banks are State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI), UCO Bank, Bank of India and Bank of Baroda (BoB).

Chief Minister Naveen Patnaik launched the AMA Bank scheme
Chief Minister Naveen Patnaik launched the AMA Bank scheme

Ama Bank acts as a cost-effective micro bank branch, offering essential services like deposits, advances, remittances, loans, and social security scheme coverage. Doorstep banking, including Direct Benefit Transfer, benefits senior citizens, differently-abled individuals, and pregnant women, reducing the need for rural residents to travel for benefits.

Implementation unfolds in phases, targeting all 4,373 unbanked Gram Panchayats in the current financial year. The Odisha government supports this with rent-free banking spaces for five years and covering one-time expenses for three years, backed by a Rs. 500 Crore budget.

In the initial phase, 750 CSP Plus outlets were dedicated across all 30 districts on Tuesday, marking a significant stride in enhancing financial accessibility for Odisha’s residents.

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