As a part of its rural outreach and financial inclusion programme in tune with national priority, Mangalore-based private sector Karnataka Bank has planned to open 26 Ultra Small Branches at allocated GPs (Grama Panchayats) spread across India.
Bank has so far opened 18 branches and eight more USBs are proposed to be opened by March 31, 2013. Another 94 USBs are planned for the year 2013-14, thus taking the total number to 120 by March 2014. Bank is also opening an FLCC (Financial Literacy and Credit Counselling Centre) at Kundagol in Dharwad district for the exclusive benefit of rural India.
MD and CEO P Jayarama Bhat said that under its financial inclusion initiatives, the Bank has 205 allocated GPs with 1002 villages where it is extending its outreach utilising appropriate Information and Communication Technology based Business Correspondent Model with Ultra Small Branch or “Brick and Mortar” branch model for extending banking services.
While an officer from the base branch will visit the USB at least once in a week and provide non financial services, the basic financial services/transactions are provided through business correspondent agents. The Bank has engaged M/s Integra Micro Systems Pvt Ltd to provide technology and BC Services. With setting up of USBs in 120 allocated GPs and Brick and Mortar Rural branches in 85 centres, the bank plans to reach out to over 2.10 lakh households in 1002 villages with a total population of 10.51 lakh, according to a release.
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