Virendra Singh Rawat
Lucknow / Nov 24, 2021
To bolster the financial inclusion roadmap, the commercial banks will expand their branch and ATM (automated teller machine) network in poll bound Uttar Pradesh.
By March 31, 2022, the banks will launch 700 new branches and as many ATMs across the state. Interestingly, UP will witness the high stake assembly elections in early 2022.
The decision was taken at the UP State Level Bankers’ Committee (SLBC) meeting presided over by union minister of state for finance Dr Bhagwat Kishanrao Karad here recently.
Since UP matches unfavourably against the national index of 14 bank branches per 100,000 population, the union minister directed the banks to increase the number of branches and ATMs in the state on a priority basis.
Currently, UP has a network of about 19,000 branches of commercial and other banks. Since, Prime Minister Narendra Modi has keenly been promoting the financial inclusion agenda and providing no-frills Jan Dhan bank accounts to the people, the union finance ministry is taking proactive steps to realise his vision.
Meanwhile, UP finance minister Suresh Khanna said the new branches and ATMs will not only strengthen the banking system, but spur fresh employment opportunities in the hinterland too.