AP: Farmers will be able to use special ATMs to access financial services.
The Reserve Bank of India is India's central bank and regulatory agency, reporting to the Ministry of Finance of the Indian government.
Hyderabad: The government of Andhra Pradesh has devised a programme to empower farmers and uplift them in society by providing them with better access to financial services.
The Reserve Bank of India (RBI) has praised the agricultural sector's progress as well as Rythu Barossa Kendras (RBKs). Other states adopted Andhra Pradesh's Farmers' Welfare Schemes after it was implemented in the state.
To enhance banking services and financial inclusion in rural regions, the state government has integrated the services of banking correspondents (BCs) at RBKs. 9160 banking correspondents are linked with 10778 RBKs to offer them access to RBK financial services. The remaining 1,618 financial correspondents are also being deployed by the bankers.
This financial system will benefit not just the agriculture industry, but also the fishing and livestock industries. This approach will also aid in the expansion of agricultural loans and the development of a sound financial network.
The agriculture commissioner added that "banking correspondents are already offering financial services and acting as mini-ATMs, allowing cash withdrawals and deposits up to Rs 20,000." "Financial services will be further expanded with the installation of full-scale ATMs."