Financial inclusion plans of public sector lender, Andhra Bank is marching steadily towards its aim of financially including 1144 villages in several states by March 2012.
It was mandated by RBI for all banks to spread banking facilities in all villages having population of 2000 and above. In order to fulfill this task, Andhra Bank is taking the help of business correspondent model and also Information Communication Technology (ICT).
"We have already started payment of social security pensions through the Smart Card in some of the branches in Srikakulam district of Andhra Pradesh" said Regidi Appadu, Deputy General Manager, Berhampur Zone of the bank.
"Similar service will be launched in south Orissa's Ganjam and Gajapati districts very soon", he said.
With the help of the new scheme introduced by the bank, it aims to mobilize as much as Rs 220 crore deposits, which would offer highest interest rates than any other corresponding public sector bank.