Bank of Baroda: Bank

Not many commercial banks have a passion for agriculture and rural development, and the aim to serve the common man ingrained in their philosophy. But for Bank of Baroda, this is an essential element and is evident, if one looks at its recent initiatives to improve financial inclusion. Apart from introducing the business facilitator and business correspondent model to accelerate financial inclusion so as to augment its agricultural portfolio, the bank has achieved 100 per cent financial inclusion in 21 of the 44 districts where it is the lead bank. The Bank has adopted 101 villages for integrated development. Baroda Grameen Paramarsh Kendra, an initiative to help the rural community by providing credit counselling, financial literacy and other services is now operational in 52 centres. This enables synergy and liaison between farmers’ clubs, SHGs, NGOs,rural marketing agencies, input suppliers and rural markets, in addition to taking commercial banking to new levels of service provision. For an institution that sees such social initiatives as adding value to its commercial goals, it is indeed a welcome departure.