The rural bank, Andhra Pradesh Grameena Vikas Bank has opened 105 ultra small branches across the state on a single day.
These small banks opened by the grameena bank will be operated by the business correspondents agents. They will use biometric technology to facilitate various transactions that will help the customers.
Opening of 105 small branches is a part of the financial inclusion efforts by the regional rural bank of the country.
AP Grameena Vikas Bank is sponsored by State Bank of India. The financial inclusion plan envisages extending banking facilities to villages having a population of 2,000 and above.
More than 89,000 accounts have already been opened in these banks so far. It is planning to open another 60,000 accounts to cover all the adults as per the voters list by March 2013.
The Grameena Bank is also in the process of transiting these accounts for Aadhar enabled payment system to extend the cash transfer benefit scheme being extended by the Central Government, Chairman Mr. K. Lakshmana Rao said.