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Karnataka Vikas Grameena Bank (KVG Bank), a Dharwad-based regional rural bank, has opened 20 village branches under the financial inclusion plan of RBI in a single day.
The village branches at located in the nine districts in north Karnataka under the bank's jurisdiction. The branches were symbolically inaugurated all the 20 branches at Madanbhavi village in Dharwad district through e-Inauguration mode.
For further roll out of financial inclusion branches in the region, Mr C Sambasiva Reddy, said KVG Bank has drawn up a road-map and has identified nearly 422 habitations having population of over 2,000 for providing banking facilities.
“The bank has so far opened nearly nine lakh financial inclusion savings bank (no-frill) accounts and is planning to bridge the credit gaps in these villages,” he added.
Mr S. Srinivasan Deputy General Manager- Nabard Bangalore, who was the chief guest, urged the banks to focus and reach out to the weaker sections of society through branch network under financial inclusion. To promote bank finance in unbanked areas, the RBI and Nabard have given a thrust to financial inclusion.
While explaining the financial inclusion concept for villages, and the need to cover them, Mr Reddy said “In rural areas, people hesitate to have banking accounts because of the perception that banks serve the bigger and affluent customers. In order to remove this apprehension, KVG Bank has modelled its own strategies linking to the financial inclusion.”
KVG Bank is currently serving customers in nine districts with a total branch network having touched 471. The bank has achieved 100 per cent core banking solution (CBS) status and introduced many attractive, customer-friendly and cost-effective products to meet the growing needs and demands of the customers.
Mr Muralinath Gupta, General Manager, KVG Bank, said it's a record for the bank that we were able to open 20 branches in a single day. As on date the bank has a total business of Rs 9,000 crore and has a plan to reach Rs 10,000 crore by September end.
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