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State Bank of Patiala will target the retail segment and establish its presence in tier-II regions during the current fiscal, its Managing Director Ramesh Rangan said.
Sharing his thoughts with Business Line after inaugurating the bank’s 1,212th branch at Erode, Rangan said: “We intend to have one branch per centre in tier-II towns.
“These will function as money shops, and just do basic banking jobs such as opening savings bank accounts, accepting fixed deposits, giving loans against FDs, and so on. Even for home loans, the application would be forwarded and linked to the nearest branch,” he added.
The bank plans to add 100 branches to its network during the current fiscal. Fifty per cent of these will function as money shops, he said.
The bank recently opened a ‘cashless’ branch at Sir Desh Bhagat University in Fatehgarh district. Speaking about this initiative, the SBP MD said: “The branch is located in the university campus. It is equipped with an ATM, cash deposit and pass book printing machine, an Internet kiosk, etc.
“We took a licence to open this branch. Every transaction at this branch is done online and the person at the branch acts as a facilitator.
“The footfall has been reasonable, about 100 a day. We are now trying to identify locations where tech-savvy customers look for such facility/service.”
Yet another initiative that SBP is considering is creating a brand icon for the bank, he said.
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