Plans to set up 490 ultra small branches in three States
The State Bank of Hyderabad (SBH) would establish as many as 490 ultra small branches (USB) in Andhra Pradesh, Karnataka and Marathwada area of Maharashtra covering the rural areas, more specifically where the banking services are not available .
A banking correspondent appointed by the bank would carry the transactions in as little as 200 sqft office preferably attached to Gram Panachyat office. A bank officer would visit the branch once in three or four days and supervise its functioning.
Disclosing these details at a press conference at Budhera in Medak district on Thursday after formally inaugurating the 1,500th branch and ATM of the bank, SBH managing director M. Bhagawantha Rao said that already five such branches were opened in Nizamabad district. He said that they were planning to open all such branches by March 2013.
Stating that the bank has completed 70 years of service, Mr. Bhagawantha Rao said that establishment of 1,500th branch in Medak district shows the commitment of the bank to extend services to the backward areas. The bank has offered ‘1500 Days Fixed Deposit Scheme’ with 9.5 per cent interest rate and this would be in force for 15 days.
Providing water purifiers, fans, furniture in schools and adopting a student in each school under ‘SBH Vidya’ scheme are some of the activities taken up by the bank under its corporate social responsibility initiative, he said.