NEW DELHI, March 30– A total of 300 bank branches was inaugurated in Uttar Pradesh, the largest number of bank branches launched in a single day in India.
The branches, belonging to 30 different banks, are spread over 75 districts, primarily in rural areas of the most populous state in India, Business Standard daily newspaper reported.
The report said by March 2014, 2,700 branches would be opened in the state to reduce the ratio of banks to population from 16,000 to the national average of 13,000.
A total of 450 branches would be opened in June, 600 in September, 750 in December and 900 in March 2014. Currently, Uttar Pradesh has about 13,000 bank branches.
All existing, as well as new branches, would have automated teller machines (ATMs) by the end of the next financial year.
Finance Minister, P. Chidambaram, who inaugurated the new branches called upon banks to reach out to un-served regions more aggressively.
He added that if banks could achieve the target of opening 3,000 branches in the state by March 2014, they could also open 12,000 branches in other regions of the country.
“In the last couple of years, banks have been opening 6,000 branches every year across India — about 18 branches a day,” he said, pointing out that banks were important for financial inclusion, an increase in the credit-deposit ratio,
deposit mobilisation and credit growth.
To-date, India has over 100,000 bank branches in the country and about 106,000 ATMs.
-BERNAMA
