The Hindu Business Line : Corporation Bank expands service outlet network

Addressing presspersons here, to announce the launch of the outlets, Mr B. Sambamurthy, Chairman and Managing Director, said the bank is pursuing a multi-format approach.

It is following a different model in financial inclusion, which goes beyond opening of no-frills accounts.

The bank’s model gives a holistic approach and makes it a livelihood programme. The branchless banking units provide savings bank account, recurring deposits, general credit cards and some other products.

With the branchless banking units, villagers can carry out basic banking activities such as deposits and withdrawals from their own village at any time of the day convenient to them, without losing their daily wages and also save on the transport cost and time.

Of the 51 branchless banking units opened on Monday, 18 are in Karnataka, 25 are in Andhra Pradesh and eight in Tamil Nadu.

Apart from this, the bank has 186 operational units. Of them, 124 are located in Karnataka, 23 in Tamil Nadu, 37 in Andhra Pradesh, and two in Goa.

“Basically we are doing more in southern States. There are also demands for these units from northern States,” he said. The bank is likely to open another 100 branchless banking units during the current fiscal.

25 BRANCHES

The 25 branches declared opened include rural branch, corporate branch, global cash management outlet and investors’ shoppe. These units help take care of the needs of customers from rural to metro centres. With this, the total number of bank branches stood at 1,025, he said.

Asked if there will be more branches, Mr B.R. Bhat, General Manager, said that 15 more branches will be opened during September.

REP OFFICE

Mr Sambamurthy said that the bank will make its overseas foray with the opening of a representative office in Dubai on September 7.

RECRUITMENT

To a query on the manpower shortage in the bank as stated by a section of the officers’ union, he said the bank is appointing around 1,096 people.

Of them, 750 are clerks and the remaining are specialist officers and probationary officers. Recruitment process has already begun. Some of them are likely to join in the next four to five weeks, he added.

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