Around Rs 8 crore retail deposits were mobilised from the public during grama sabhas, the Chairman said.

It’s a record of sorts for a grameena bank in the country. In a single day, the Andhra Pradesh Grameena Vikas Bank has conducted grama sabhas in 1,249 villages.

This also includes 35 customer relationship programmes. The initiative is part of the financial inclusion project for banks and was done on Tuesday, according to the Bank Chairman K. Lakshmana Rao.

The bank a regional rural bank, sponsored by State Bank of India, is the biggest in Andhra Pradesh and among the three-four largest in the country. It is operating in eight districts of Srikakulam, Vizianagaram, Visakhapatnam, Khammam, Nalgonda, Warangal, Mahabubnagar and Medak with a network of 575 branches.

At the grama sabhas which is an interaction with customers, village elders, self-help groups, Government officials particularly from Indira Kranthi Pathakam and agriculture departments have participated, said a press release.

Around Rs 8 crore retail deposits were mobilised from the public during Grama Sabhas, the Chairman said.

The bank officials explained about the deposit products such as Vikas Lakshmi, Vikas Kubera, Vikas Durga, Vikas Dhana Varsha on which it pays higher interest rates than any other bank. The grameena bank has deposits of Rs 5,100 crore and lent advances of Rs 6,400 crore as on date. Eighty-four per cent of the total credit of the bank, which includes some portion of self-help group loans, flowed to agriculture and priority sector.

For implementation of Financial Inclusion Plan, the bank was allotted 869 villages having a population of 2,000 and above without access to banking services.

The bank has opened new branches in 18 villages and in the rest services were extended through business correspondent model, using biometric smart cards.

(This article was published on November 29, 2012)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.