State Bank of India (SBI) has planned to expand operations in the Andaman & Nicobar (A&N) Islands to boost the Union Territory's economy, an official of the bank said.
SBI Chief General Manager, Bengal Circle, Jayant Kr Sinha told a group of visiting journalists here that the number of branches would be increased from 18 to 20 by the end of the current financial year.
Sinha said that the number of ATMs would also be raised from 11 to 16 by December, adding that one would be installed at Car Nicobar Islands.
SBI, which is the lead bank of the Andaman & Nicobar Islands, would also undertake income generation activity among the unemployed youth in the Union Territory, for which it had collaborated with Nabard to to set up a training institute under the Rudseti (rural development and self training institute) programme.
Sinha said that since the island was lacking in industrial activity, the bank would impart financial assistance for fisheries, horticulture and floriculture.
The credit-deposit ratio in the island was low at 36. With the increasing importance of tourism in the island, the bank would also extend finance for developing related logistics in the area.