Karur Vysya bank has launched its first ultra small branch at Balarajapuram village in Karur district.
J. Sadakkadulla, Regional Director, RBI, Chennai, inaugurated the branch.
The bank has appointed a business correspondent to man this branch and provide basic services such as opening of savings account, recurring deposit account, payment and receipt of cash etc.
“When the business increases to the desired level, the ultra small branch will be upgraded to a full-fledged branch,’’ KVB Chief Executive, K. Venkatraman, said.
KVB proposes to open 28 such ultra small branches this year and 24 more in the next financial year.
The bank has been allotted 117 villages for providing basic banking services under the financial inclusion plan.
“We have covered all the villages by adopting business correspondent model. We have opened 37,579 basic savings accounts (no frill accounts) with biometric smart cards under financial inclusion scheme till date,’’ Venkatraman said.