Tag: kvg bank

The efforts put in by Karnataka Vikas Grameena Bank (KVGB), a regional rural bank headquartered in Dharwad, has helped people in more than 40 villages to get round-the-clock access to banking system, according to P Gopi Krishna, Chairman of KVGB.

He was speaking on Monday after receiving the ‘Best Regional Rural Bank’ (RRB) award under the Regional Rural Banks Category by ASSOCHAM (Associated Chambers of Commerce and Industry of India) in recognition of the bank’s initiatives in digital financial services in response to Aatmanirbhar Bharat programme.

He said because of the best efforts put in by the bank more than 40 villages have been converted into 100 per cent digital villages under its jurisdiction. People in these villages have round-the-clock access to banking system through Internet banking, mobile banking, micro-ATMs, AePS (Aadhar-enabled Payment Systems), IMPS and UPI.

Stating that digitisation has benefited villages by facilitating cashless transactions, he said KVGB’s contribution in this context has become significant in achieving the national initiative to digitise rural banking.

Gopi Krishna said the focus of the government on financial inclusion and digitisation, especially after demonitisation, has made very big impact on unbanked masses towards banking services. Now villagers are also well acquainted with cash alternatives such as debit/credit cards, mobile/internet banking, Aadhaar payments, he said.

Over a span of six to seven years, the number of banking outlets has increased in villages. This has helped many villagers to have basic savings bank deposit account of their own. He said agricultural credit offtake has almost doubled now.

R Gurumurthy, Regional Director of Reserve Bank of India (RBI), who handed over the award to KVGB at Bengaluru on Monday, appreciated the efforts put in by KVGB in digitisation.

Stating that the country is moving towards cashless economy, he said efforts towards digitisation will help the country keep pace with the fast-changing world.

Brij Mohan Sharma, Executive Director of Canara Bank, said the creation of a digital environment is now a priority for RRBs. Time is not far when digitisation will change the face of the rural economy, he said.

Niraj Kumar Verma, Chief General Manager of NABARD, said NABARD is keenly watching the progress and involvement of RRBs and extending timely guidance and support. Over the years, the RRBs have made impressive strides on various business indicators, including digitisation, he said.