Andhra Bank plans to open five branches in Odisha under FIP
Andhra Bank, one of the leading banks in the country, has planned to open five new branches in Odisha under the Financial Inclusion Programme (FIP) in a bid to provide banking service in villages.
Andhra Bank Zonal Manager Sujit Kumar Das told newspersons here that the branches would be opened at Kumand village in Angul District, Chandanswar and Jaleswar in Balasore district day after tomorrow.
Mr Das said two more branches would be opened in the state by December 31 next.
He said 118 brancehs of the Andhra Bank were now operating in 20 districts of the state.
Out of the 118 brancehs 60 per cent of the branches were operating in rural and semi urban areas.
Mr Das said under the financial inclusion programme Andhra bank through its 18 branches in eleven districts was providing banking service to 28 villages having less than 2000 population through Ultra Small Branch model (USB).
Under the USB model officers of the bank are visting the village initially once in a week and subsequently twice and thrice in a week and opening bank accounts.
The aim is to open one bank account in the name of at least one person in every household so that the funds under various programmes like MGNREG, subsidy given on various schemes reaches the beneficiary directly through eletronic transfer of money directly.
He said the bank was given target to provide banking service in 27 villages spread over 13 districts having population ranging from 1600 to 2,000, through Business Corrpondent model by March 2013.
The objective of the programme is to prevent the misutilisation of assistance and to esnure that the assistance meant for poor reached the targetted group, he said.