Andhra Pradesh Grameena Vikas Bank (APGVB) opened 125 ultra-small branches across the State on Tuesday.
With this the total number of ultra-small branches (USBs) of the State Bank of India-sponsored regional rural bank now stands at 230.
“We are proposing to open another 170 USBs to take the total tally to 400 by March 2013,” K Lakshmana Rao, Chairman, APGVB, said in a release.
These branches are likely to be converted into full-pledged branches on attaining a sizable business volume in keeping with the Reserve Bank of India's guidelines.
The USBs have been opened in villages having a population of 2,000 and above in an effort to implement the financial inclusion plan (FIP) by providing doorstep banking services to customers through business correspondents.
APGVB has opened over one lakh accounts in these 125 villages for making payments of the social security pension and the national rural employment guarantee scheme.
“The bank is in the process of switching over to the Aadhaar Enabled Payment System (AEPS) to extend Direct Cash Benefit Transfers (DBT) of various Government schemes by deploying micro-ATMs in these USBs,” Rao said.