Reserve Bank of India is planning to set up satellite banks as well as ATMs in Jharkhand so as to make banking facilities reach out to villagers there. The idea was shared by RBI governor, D Subbarao.
He said that during the initial level, the satellite banks will be made operational on weekly basis and with time get converted to full fledged branches.
Report from state government officials read that out of the 4423 village panchayats in the state, 1540 were still in need for banking to reach out to them.
According to Chief Minister of the state, Arjun Munda, if it was not feasible to immediately set up branches in the deprived areas, the apex bank can set up satellite branches and ATMs using business correspondents.