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In a record of sorts among rural banks, Andhra Pradesh Grameena Vikas Bank has opened 105 ultra small branches across the State on a single day.
These mini-banks opened today will be operated by business correspondent agents. They use biometric technology to facilitate various transactions that help the customers.
Financial inclusion
It is a significant initiative as part of the financial inclusion efforts by a regional rural bank in the country.
AP Grameena Vikas Bank is sponsored by State Bank of India. The financial inclusion plan envisages extending banking facilities to villages having a population of 2,000 and above.
More than 89,000 accounts have already been opened in these banks so far. It is planning to open another 60,000 accounts to cover all the adults as per the voters list by March 2013.
Cash transfer scheme
The Grameena Bank is also in the process of transiting these accounts for Aadhar enabled payment system to extend the cash transfer benefit scheme being extended by the Centre, Chairman K. Lakshmana Rao said.
In the near future, plans are on to convert these small banks to brick and mortar branches.
The bank has a total business turnover of more than Rs 11,600 crore with Rs 5,200 crore deposits and Rs 6,400 crore advances. It has a network of 578 branches, he said in a press release.
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