Providing digital solutions for rural customers
Socially Responsible Banking
ICICI Bank has always been offering cutting-edge products and solutions to improve the convenience of its urban customers. At the same time, we are cognisant of the fact that our rural customers need different solutions to fulfill their banking needs. Over the years, we have been introducing customised products and services to cater to our rural customers. In addition, as a large and responsible financial institution, we undertake initiatives to promote financial literacy and further financial inclusion in unbanked and underbanked areas. We strive to transform rural India by helping our villages realise their full potential.
Rural and Inclusive Banking
At ICICI Bank, we are focussed on the twin goals of financial inclusion and sustainable growth of villages as the cornerstones of building a dynamic and vibrant rural economy. As a large and responsible financial institution, we undertake initiatives to promote financial literacy and further financial inclusion in unbanked and underbanked areas.
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As part of our financial inclusion efforts, we have opened over 2.1 crore Basic Savings Bank Deposit Accounts (BSBDA) till March 31, 2020, the largest number of accounts opened by a private sector bank in India. Of these, around 47 lakh accounts were opened under the Pradhan Mantri Jan Dhan Yojana. We actively encourage and enable these account holders to transact digitally.
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Addressing the financial needs of people working at the grassroots level in the rural economy has been a focus area for the Bank. The Self Help Group-Bank Linkage Programme (SBLP) was launched to promote entrepreneurship among underprivileged rural women and to help them in earning sustainable livelihoods. Self Help Groups (SHGs) are homogenous groups of 10-20 individuals who come together for engaging in livelihood activities, pooling savings and supporting each other in times of need.
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The rural strategy has focussed on serving rural value chains by leveraging opportunities in different ecosystems within the rural markets. At the heart of this approach were four main ecosystems identified in the rural market which included the agriculture value chain, corporates, the government and the microfinance business. The Bank has developed different products and services taking into consideration the needs of every participant and leveraging banking opportunities across all business activities.
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Our channels to deliver solutions to rural India include an extensive network of branches and ATMs, on-field staff and Business Correspondents providing last-mile access in remote areas. These traditional channels are supplemented by customised digital solutions including our state-of-the-art banking application, named Mera iMobile. Our digital channels and solutions help us to extend our reach to the remotest parts of rural India, thereby making banking solutions more accessible as well as more convenient to our rural customers.
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Case Study
Mera iMobile - Enabling Financial and Digital Inclusion in Rural India
‘Your bank with you always, in your mobile, in your language.’
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