Financial inclusion plan for 40 banks

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  • Published 14.09.11

Patna, Sept. 13: Central Bank of India, a prominent public sector undertaking bank, today announced that it would open 40 branches in Bihar as part of the state government’s financial inclusion programme.

Under the financial programme, every family would be provided with banking facilities.

“We are celebrating the centenary year of the bank, so, we are expanding our network in the state. We will open 40 branches in the state. So far, we have opened just three branches but we are optimistic that we will achieve the target by this fiscal,” said chairman-cum-managing director of Central Bank of India M.V. Tanksale.

The Central Bank of India operates 380 branches in the state apart from 890 branches of Uttar Bihar Gramin Bank, which is sponsored by the former.

Tanksale said all branches of the Uttar Bihar Gramin Bank would be computerised by the end of this month.

Asked about plans to open automatic teller machine (ATM) kiosks of the Uttar Bihar Gramin Bank in rural areas, Tanksale said: “We have already completed the computerisation of around 500 branches. We will complete the process by September end. Only after starting the core banking services, can we think of opening ATMs in the rural areas.”

He added that the Central Bank of India has 73 ATMs in the state and 50 new ATMs would be opened this fiscal.

Asked about banks’ hesitation in advancing loans, Tanksale said: “Bihar does not have credit absorption capacity. This is the reason the state has been lagging behind in the industrialisation process. Credit would go up if industrialisation picks up. The Central Bank of India is always ready to fund projects if there is a viable proposal.”

On the credit-deposit ratio, Tanksale said his bank’s ratio is 40.73 per cent, far better than the state’s overall credit-deposit ratio which of 34 per cent.