What is 'Bank On The Go’?
'Bank On The Go’, a revolutionising initiative by Federal Bank
focuses on offering banking and financial services to the doorstep of
every remote community. This visionary program displays the Bank’s
dedication to bridging the gap between urban and rural areas. It aims
to empower people in the most remote areas of the country to get
access to banking and financial services.
Federal Bank has identified the challenges faced by customers
residing in rural and remote areas of the country, one of which is the
lack of access to banking services. This led to the launch of Federal
Bank’s 'Bank on the Go' initiative. Under this creative initiative, a
mobile vehicle that is well-equipped with banking kiosks travels to
different locations. The mobile vehicle also has a leased line
internet connection and this ensures a stable internet connectivity,
thereby offering customers in remote areas the ability to access
banking services without having to travel long distances.
The “Bank On the Go” initiative is beneficial to rural customers in
several ways.
1. It makes financial and banking services more accessible in areas
where traditional physical banks are either located very far away or
are absent.
2. It promotes financial inclusion and enables every individual to be
a part of the financial ecosystem.
3. Individuals in remote areas can conduct basic transactions easily
without the need to travel to a distant traditional bank.
4. It can also help individuals get access to loans and other
facilities offered by the Bank.
Federal Bank's 'Bank On The Go' initiative is in sync with the vision
of developing a cashless economy. This program will encourage people
to transact online and minimise their dependency on physical currency.
This enhances the overall overall financial efficiency. This, in turn,
will contribute to having a transparent and accountable financial ecosystem.
Conclusion
Federal Bank's dedication lies in offering customer-centric services
and closing the gap between the urban and rural areas. The bank's
constant innovative services, has taken it to great heights. Federal
Bank, a leading financial institution, through its numerous
ground-breaking initiatives, has been recognised as "Bank of the
Year (India)". By offering financial and banking services on the
go in rural areas, Federal Bank has not just addressed the
requirements of the rural populations, but also has contributed to the
empowerment and upliftment of these communities.
