FM inaugurates 300 bank branches in UP

This is the largest number of bank branches launched in a single day in India, a feat, which Chidambaram termed as a 'triple century in a Cricket match'

Finance Minister P Chidambaram today marked the inauguration of 300 bank branches in Uttar Pradesh, the largest number of bank branches launched in a single day in India. He compared the feat to a “triple century in a cricket match”.

The branches, belonging to 30 banks, are spread over 75 districts, primarily in rural areas. By March 2014, 2,700 branches would be opened in the state to reduce the ratio of banks to population from 16,000 to the national average of 13,000. A total of 450 branches would be opened in June, 600 in September, 750 in December and 900 in March 2014.

All existing, as well as new branches, would have automated teller machines (ATMs) by the end of the next financial year. Currently, Uttar Pradesh has about 13,000 bank branches. Chidambaram called upon banks to reach out to un-served regions more aggressively. He added if banks could achieve the target of opening 3,000 branches in the state by March 2014, they could also open 12,000 branches in other regions of the country.

“In the last couple of years, banks have been opening 6,000 branches every year across India — about 18 branches a day,” he said, adding banks were important for financial inclusion, an increase in the credit-deposit ratio, deposit mobilisation and credit growth.

He said, “Banks have done remarkably well. Today, we have over 1,00,000 bank branches in the country and about 1,06,000 ATMs.”

 

The Akhilesh Yadav government had been pushing for opening more bank branches in UP to bring the state at par the national average.