Saturday, September 5, 2009
Financial institutions in the country, including the State Bank of India, have promised a big-bang financial inclusion drive this year to cover the rural sectors. After inaugurating IS-l branches and 2, IS 1 ATMs simultaneously from ]angipur, from where finance minister Pranab Mukherjee is elected to the Lok Sabha, recently, SBI chairman 01' Bhatt revealed a major plan to roll out banking services in 50,000 unbanked Villages by March 2010. Most of these new branches will be opened in rural and semi-urban areas, he said adding the bank has now 11,853 branches and 13,983 ATMs.
The bank has charted a major expansion plan in Northeast
India, where banking penetration has been far from adequate. The bank plans to add another 536 ATMs in the region. Currently, it has a network of 464 ATMs. Local SBI officials said the bank is targeting to have a network of 1,000 ATMs by March 2010.
The bank's initiative assumes significance as the banking sector as a whole is chasing a stiff target of covering nearly 1.07 lakh un-banked Villages in West Bengal having population of over 2,000 by 2011. Bhatt said thal the bank covered 53,000 un-banked villages in 2008-09. Earlier, the bank had opened 101 branches simultaneously in July 2008.
The Reserve Bank of India has decided to allow self-help groups (SHGs) and primary agriculture credit societies (PACS) to have business correspondents to ensure a greater banking penetration in the country's interior rural belt. SBI too has decided to engage banking correspondents and business facilitators extensively to achieve its target.
The bank has charted a major expansion plan in Northeast
India, where banking penetration has been far from adequate. The bank plans to add another 536 ATMs in the region. Currently, it has a network of 464 ATMs. Local SBI officials said the bank is targeting to have a network of 1,000 ATMs by March 2010.
The bank's initiative assumes significance as the banking sector as a whole is chasing a stiff target of covering nearly 1.07 lakh un-banked Villages in West Bengal having population of over 2,000 by 2011. Bhatt said thal the bank covered 53,000 un-banked villages in 2008-09. Earlier, the bank had opened 101 branches simultaneously in July 2008.
The Reserve Bank of India has decided to allow self-help groups (SHGs) and primary agriculture credit societies (PACS) to have business correspondents to ensure a greater banking penetration in the country's interior rural belt. SBI too has decided to engage banking correspondents and business facilitators extensively to achieve its target.
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