Public Sector Andhra Bank is going ahead with its plans to financially include 1144 villages in different states including Orissa by March 2012. These villages have population of over 2000 each.
The Reserve Bank of India (RBI) had asked the banks to reach out to the unbanked villages with population of over 2000 by any mode. Andhra Bank is planning to achieve the task assigned to it using Business Correspondent Model and 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 on the sidelines of a customers meet organised by the bank to educate people on its different deposit and advance schemes.
Andhra Bank is the lead bank in three districts, Ganjam and Gajapati in Orissa and Srikakulam in Andhra Pradesh.
The bank aims to mobilize around Rs 220 crore deposits in a month through its newly introduced scheme, which offers higher interest than any other nationalised bank.
The new AB Fortune deposit scheme was launched on August 8 last. Under the scheme, customers will get 7.75 percent interest on their deposits for a deposit of 775 days. The interest rate is 0.50 percent more for the senior citizens.
The Berhampur zone of the bank covering seven districts has mobilized Rs 11-crore deposits till date. The scheme is valid till the end of September next. All the rules on the term deposits of the bank will be applicable to the scheme. While there is no minimum deposit in the scheme, the maximum deposit is limited up to Rs 5 crore.
