To open 50 branches and 15 ultra small branches in Vizag zone

The State Bank of Hyderabad has decided to open 50 branches and 15 ultra small branches in Visakhapatnam zone, comprising six coastal districts, during 2013-14. The new branches include a specialised personal banking branch in the city at Pandurangapuram and an exclusive branch for gold loans. For the gold loan branch, the bank is awaiting clearance from the RBI.

The Visakhapatnam zone, comprising Srikakulam, Vizianagaram, Visakhapatnam, East and West Godavari and Krishna districts, at present has 200 branches and 30 ultra small branches with 24.5 lakh customers. Ultra small branches are run by a business correspondent in remote areas who, by carrying a machine, facilitates credit and debit up to Rs.5,000. The bank opened 2 lakh new accounts mostly for Aadhaar-linked direct transfer scheme in East Godavari. The scheme is expected to be extended to Vizianagaram and Srikakulam in the current fiscal.

SBH Deputy General Manager K. Ramesh Babu told reporters on Saturday that the zone had crossed a milestone of recording Rs.10,000 crore-turnover as on March 31, 2013. To a question, he said entrepreneurs with innovative ideas would be encouraged to set up units so as to generate employment opportunities to locals.