The Odisha Cabinet, led by Chief Minister Naveen Patnaik, has approved the opening of CSP (customer service point) Plus banking outlets in 4,373 unbanked gram panchayats (GPs) in Odisha. This initiative will require an investment of Rs 500 crore.
Finance Minister Bikram Keshari Arukha stated that the CSP Plus outlets will be established in collaboration with six public sector banks (PSBs), namely State Bank of India (SBI), Punjab National Bank (PNB), UCO Bank, Union Bank of India, Bank of Baroda, and Bank of India. These banks will work together to provide banking services in the unbanked GPs.
In addition to this decision, the Cabinet also approved 19 other proposals. The government of Odisha places great importance on financial inclusion, as the state has a low banking penetration rate. Out of the 6,798 gram panchayats, approximately 65% (4,373 GPs) do not currently have physical bank branches.
