Mangalore-based private sector bank, Karnataka Bank opened its first ultra small branch at Byadanur Village of Tumkur district, in Karnataka. The branch will facilitate Direct Cash Transfer of benefits under various government schemes, the bank said in a press release issued on Bombay Stock Exchange.
Initially, one officer of the bank will visit the branch at least once a week to meet the banking requirements. Based on the requirements such branches can also be upgraded to a higher level, the release said.
The bank has plans to open more such ultra small branches as per the financial inclusion initiatives.
