The regional rural bank, Karnataka Vikas Grameena Bank (KVG Bank), has augmented its presence in Karnataka by setting up 25 ultra small branches in northern regions of the state in one day. This move was made by the bank to accelerate its financial inclusion obligations.
The Dharwad based bank, which is being sponsored by Syndicate Bank, roped in the Executive Director of Syndicate Bank, Anjaneya Prasad, to inaugurate the USBs at a gathering organized by the bank in Dharwad itself. Talking on the matter, Prasad said that in accordance with the Central Government's directives, 51 districts have been identified for executing the Direct Transfer Scheme, in which cash under the central government's 32 schemes will be transferred to the beneficiary's accounts directly. Prasad further added that the Finance Ministry and Reserve Bank of India have instructed banks to make sure that each family has one account in which the direct cash transfer scheme can be implemented.