NEWS & ADVICE : SAVINGS ACCOUNTS
Banks open branches in unbanked rural areas with struggle
By Vaibhav Aggarwal
Nov 19, 2013
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Regional rural banks and commercial banks, operating in a place called Odisha, which has a population of 2,000 and 47,655 unbanked villages, have struggled to open 113 branches among which 58 are just opened in the unbanked rural areas and 9 are in the rural banked area. The Reserve Bank of India (RBI) monitored this progress.

It was advised by The State level Bankers Committee (SLBC) to open at least 1,000 branches in the year 2013-14 in rural unbanked centres. These rural branches are to be located within the distance of 3 to 4 km for supporting 8 to 10 correspondents of banking.

Under Financial inclusion program (FIP), banks are needed to offer financial structured and planned service in each village within next three years.

According to the latest data, basic banking facilities like savings cum overdraft account, pure savings account, and remittance product for facilitating electronic transfer are provided in 1,877 unbanked areas through mortar and brick branches by June. Banks have covered 1870 rural villages, but the target of FIP will be achieved by March 2015.


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