SBH inks MoU on Financial Inclusion
December 26, 2006 

The State Bank of Hyderabad (SBH) has signed an MoU with the department of rural development, Andhra Pradesh government, and the Institute for Development and Research in Banking Technology (IDRBT) for the implementation of a pilot project of financial inclusion in Warangal district. 

Under this project, the payments under the Rural Employment Guarantee Scheme and Social Security Pensions will be made at the villages by the bank through smartcards, eliminating delay. 

Under the scheme, SBH has been allotted Raiparthy mandal in Warangal district, and Rs 15 lakh per month will be disbursed to 10,000 beneficiaries in about 23 villages. 

Initially, savings accounts of all the beneficiaries will be opened with zero balance, and necessary training with regard to the operation of smartcards will be given to them by the bank. The scheme will be launched from April 2007. 

It also donated a 16-seater Tata pick-up van, costing around Rs 6 lakh, to charitable organisation Shri Guru Sankalpam that runs a school for the mentally-challenged children.