‘IB SAATHI’ launched by Indian Bank

Current Context: Indian Bank’s initiative ‘IB SAATHI’ stands for IB Sustainable Access and Aligning Technology for Holistic Inclusion. It is an initiative launched by the public sector Indian Bank on September 16, 2023 to provide an integrated ecosystem for all stakeholders in the financial sector through the business correspondent route.

• The initiative aims to offer an enhanced user experience through the simplified delivery of services, encompassing both basic and value-added offerings to customers.
• Some of the services include account opening, cash deposit and withdrawal, fund transfer, bill payment, loan disbursement and repayment, insurance, pension, etc.
• Indian Bank plans to deploy around 5,000 banking correspondents by March 2024 to enhance its reach and accessibility.
• The bank currently has 10,750 banking correspondents and 10 Corporate Business Correspondents which would grow to over 15,000 banking correspondents and 15 Corporate Business Correspondents.
• The bank also plans to add over 60 more services through the Banking Correspondent channel in the financial year 2024-25.

Question:

Q.1 What does ‘IB SAATHI’ stand for?
a. IB Sustainable Access and Aligning Technology for Holistic Inclusion
b. IB Smart and Affordable Technology for Holistic Inclusion
c. IB Secure and Adaptive Technology for Holistic Inclusion
d. IB Simple and Accessible Technology for Holistic Inclusion