State-owned lender, Punjab National Bank (PNB) has decided to initiate a new technology driven model of service delivery in the state of Orissa. The bank will launch ‘smart card' or ‘hand held device' to provide this service across the state. The state government is going to help the bank in accomplishing this pilot project.

Initially this project had been started in state of Rajasthan and based on the positive response from the people, it is being expanded to others states including Orissa.

K C Chakrabarty, Chairman and the Managing Director (CMD), Punjab National Bank said, "The traditional branch banking has lost its utility and we are developing the business correspondent model to render banking services at the doorstep of the customers."

Mr. Chakrabarty says that through these new technology based models, the bank will itself reach out to the customers rather than the consumers walking to the bank to receive a service.

The bank will approach business correspondents to undertake transactions on its behalf. These transactions would include collection of small-value deposits, disbursal of small-value credit, and sale of micro-insurance and other financial products. The business correspondents are also authorized to undertake financial transactions on behalf of the government and other third parties.

PNB's business correspondents will carry hand-held point-of-sale (POS) equipment fitted with a printer and a biometric identification device.

Among the other targets of bank for Orissa are to open 15 more ATMs and two more branches in Daringibadi and Bolangir during the current fiscal. The bank has also introduced e-ticketing facility at the Bhubaneswar Railway Station.