The Hindu Business Line : Indian Bank places orders for 400 VSATs

Indian Bank has placed an order for 400 Very Small Aperture Terminals to link-up as many villages, the bank's Chairman and Managing Director, Dr K.C. Chakrabarty, told Business Line on Monday.

It is learnt that the order was recently placed on Hughes Escorts Communications Ltd. Each VSAT would cost a little over Rs one lakh, Dr Chakarbarty said.

He said this when asked about how the bank intended to go about heeding the advice of the President of India, Mr A.P.J. Abdul Kalam.

The President, speaking at the bank's centenary celebrations function on Monday, wanted the bank to increase the number of its branches from 1,400 to 2,000 in three years, with focus on rural branches.

`Financial inclusion'

Dr Chakrabarty stressed that `financial inclusion' was not just about opening new accounts in rural areas, but providing service to the account holders. For this, linking up villages was necessary, he said. Putting a VSAT in each branch was the first step. Thereafter, the bank would also put up kiosks in rural areas which would serve as branches.

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