In order to enhance and increase the provisions of banking services in rural areas, Finance Ministry has decided to initiate 10000 new banking branches a year. Earlier it was planned to start 7000 branches each year but the target has been revised to 10,000 Finance Minister P. Chidambaram reported.
The plan will be come in to action from next fiscal year. Further it has been reported that the addition of these branches will also increase the employment opportunities. It has been estimated that this move will bring about an additional 55,000 new jobs. In previous 10 years the banking sector has shown an immense growth under UPA regime, which is among one of the big achievements in the economy.