Development in banking in Madhya Pradesh
By Vaibhav Aggarwal
Jul 25, 2014
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It has been reported that 466 new branches have been set up in Madhya Pradesh in last one year. Now the state is having more than 6000 total branches, out of which 2730 are in rural areas, 1975 are in semi-urban and 1710 are in urban areas.

Through the increased number of branches the state has enhanced its banking and the banking business in the state has risen. It was noticed that bank branches have total deposits of Rs. 2 lakh 49 thousand 525 crore as on March 2014, which is Rs. 28 thousand 836 crore more than Rs. 2 lakh 20 thousand 689 deposited in March 2013. Through this the state is trying to provide the best and the maximum banking services all across the state especially in the rural and the unbanked areas.

Ultra small banks are being opened in every 5 kilometer radius in rural area with a view to extending maximum financial inclusion benefits to rural people. These banks have transacted over Rs. 1500 crore business.

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