“With this initiative, our small depositors and farmer-borrowers will have access to draw their money from any ATM owned by State Bank Group, ICICI, HDFC and AXIS Bank,” K. Lakshmana Rao, Chairman, APGVB, said in a release on Monday.
The regional rural bank, sponsored by State Bank of India, is only the second in its category to launch the service.
The main benefit for APGVB customers would be the access to their accounts at all 60,000+ NFS ATM’s. It might be mentioned that APGVB 638 branches are already on CBS platform.
100 + ultra small branches were opened in the first quarter of 2013. Business correspondents man these ultra small branches. Once these ultra small branches reach critical mass they will be converted into normal ‘brick and mortar’, branches. The internal target to convert at least 50% of the USB’s (current number 400+) into full-fledged branches in 6 months.
For the time being, the USBs, operated by the business correspondent agents (BCAs) by leveraging biometric technology, will provide banking services to villagers, who are primarily engaged in agricultural operations.
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