As a part of Allahabad Bank's financial inclusion program, the inaugurations of ultra small branches (USBs) took place on Tuesday. The Bank's executive director, T.R. Chawla and the Managing Director and Chairperson of Allahabad Bank Shubhalakshmi launched the 200 branches.
As per a release that the bank had issued recently, the setting up of the USB is done in the form of a mortar structure and bricks which are low in cost, there is also enough infrastructure as well as an officer will be present full time. The plans of having an additional 418 USBs are on the pipeline of Allahabad Bank after the opening of the 200 branches.
As per the release, the reason behind the bank setting up the USB is because it is an effective way in providing various kinds of banking services and products at which is needed by the rural population groups which are vulnerable at their doorstep.