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ICICI Bank launches 101 Gramin branches

Posted on Dec 13, 06:17PM | IBNS

ICICI Bank Limited, India's largest private sector bank, on Thursday announced the launch of 101 Gramin branches across six states as part of its financial inclusion plan that aims at providing banking services in unbanked villages.

These Gramin branches were formally inaugurated in nineteen districts across the states of Rajasthan, Andhra Pradesh, Gujarat, Maharashtra, Madhya Pradesh and Tamil Nadu. All these branches have been opened in small villages, which were so far devoid of any banking facility.

While talking at the seminar on financial inclusion which was organized to mark the inauguration of a Gramin branch at village Khatwa, 100 km from Jaipur in Rajasthan, Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, said: "Financial Inclusion is the bedrock on which the edifice for an inclusive social and economic ecosystem can be built."

"While the task of bringing the 1.2 billion population within the fold of banking is indeed daunting, it is as much an opportunity for the banks. I feel that 'brick and mortar' branches, as delivery point for banking services, would continue to play a critical role for at least next 20 years. I compliment ICICI Bank for opening 101 branches in the unbanked rural centers across the country today."

Rajiv Sabharwal, Executive Director of ICICI Bank, said, "ICICI as a Group has always recognized the potential of rural India and the importance of inclusive growth. We have always tried to take a holistic approach to providing financial services in rural and remote areas, which includes credit, savings, investments and insurance products.

"In line with this approach, we have launched 101 Gramin branches, which will provide all basic banking services in unbanked villages."

These Gramin branches will offer all the basic banking services such as savings bank account, fixed and recurring deposit, remittances, Kisan Credit Card, credit cards, and tractor loans.

They will also service business correspondents.

On the occasion of the branch inauguration on Thursday, more than 150 customers opened their bank accounts in this branch.