NEWS & ADVICE : SAVINGS ACCOUNTS
Andhra Banks to fully implement Financial Inclusion by the end of this year.
By Neelima Shankar
Jun 29, 2012
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Andhra Pradesh State Level Banking Committee (SLBC) has set the end of the fiscal as the target to fully implement the financial inclusion program in the state. The banks have already covered 6,640 villages with population of 2,000 or more.

The SLBC now intends to set up 208 fully operational brick and mortar branches in villages with populations in excess of 5,000. "By the end of May 2012, banks would have opened branches in 118 villages and remaining will be opened by September this year," said Mr. BA Prabhakar, MD Andhra Bank, and President Andhra Pradesh SLBC.

State banks have already set up branches in the 2,215 villages with populations of 1,600 to 2,000; the implementation is all that remains. The Finance Ministry has asked banks to create specific provisions for women self-help groups for development of regions affected by left wing extremism.

The SLBC has recognized 16 such districts and plans to promote about 14,490 such women's self-help group in this fiscal. The banks have also covered 6,280 villages under the ultra-small branches, since brick and mortar offices could not be opened there. The banks are working to have better infrastructure like online facilities to these branches.


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