State Bank of India sponsored regional rural bank, Andhra Pradesh Grameena Vikas Bank (APGVB) adds another 125 ultra small branches across the state.
AP Grameena Bank now has total of 230 branches. Mr. K Lakshmana Rao, Chairman of APGVB said, "We are proposing to open another 170 USBs to take the total tally to 400 by March 2013".
The new opened branches are likely to be converted into full-fledged branches on attaining a sizeable business volume following the Reserve Bank of India's guidelines.
The ultra small branches have been opened in villages having population of more than 2000 and it is also a part of financial inclusion plan by providing doorstep banking services to customers through business correspondents.
"The bank is in the process of switching over to the Aadhaar Enabled Payment System (AEPS) to extend Direct Cash Benefit Transfers (DBT) of various Government schemes by deploying micro-ATMs in these USBs," Mr. Rao added.