Andhra Pradesh Grameena Vikas Bank (APGVB) opened 135 Ultra Small Branches (USBs) on Friday.

With this, the total number of USBs opened by the regional rural bank sponsored by the State Bank of India, now stands at 405.

“We have set a target of opening another 400 USBs during next fiscal and decided to convert at least 50 USBs into full-pledged brick and mortar branches,” K. Laskshmana Rao, Chairman, APGVB, said in a release.

The USBs are being operated by business correspondent agents by leveraging biometric technology and will provide banking services in the villages in convenient timings to all.

APGVB has opened more than four lakh savings bank accounts in the villages so far, and has set a target to open accounts for adults according to the voters list, to pave the way for the smooth implementation of the Direct Benefit Transfer (DBT) scheme.

It had a business turnover of about Rs12,000 crore now and also plans to install ATMs at all the branches in the next fiscal, Lakshmana Rao said.

(This article was published on March 15, 2013)
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