With number of bank mitras touching 8.5 lakh, last-mile banking gets a boost

The number of bank mitras, the field force to ensure lastmile financial connectivity, has now reached 8.50 lakh, making a significant impact on financial inclusion.

Last financial year witnessed the addition of almost one lakh bank mitras, who are employed as field agents by the business correspondents to render lastmile financial services, taking the total number to 8.50 lakh, as per Finance Ministry data.

“These are like a silent army delivering branchless banking across the country. The Covid19 pandemic proved the efficacy of the bank mitra model and they rendered notable service,” a senior official of the Indian Banks Association (IBA) told.

The increased penetration is due to diverse factors. According to Bibekananda Panda, Senior Economist, State Bank of India, given the penetration of digital banking in the country, banks are strategically deploying more bank mitras to deliver superior customer service at a lesser cost.