The country's largest bank, State Bank of India has planned to set up 56 Ultra Small Branches (USB) by the end of July, in the north eastern part of the country. The USBs will be set up in one district of Manipur and five districts of Assam.
As a part of the financial inclusion programme, the public sector bank has set a target of opening 100 USBs within this month. The USBs will phase phase out all the Customers Service Points of SBI by the end of the current fiscal.
Ultra Small Branch is a new model of banking in which the Business correspondent/Customer Service Points operats using internet based site or with the help of mobile phones along with hi-tech devices like finger print bio-metric device.
The use of bio-metric devices in banking system has proved to be very beneficial to the general public so far.