SBI achieves 100% financial inclusion in AP circle

State Bank of India (SBI) has achieved 100% coverage of its allotted unbanked villages in Andhra Pradesh under the Financial Inclusion Programme (FIP) of the Reserve Bank of India (RBI).

According to Chief General Manager Rakesh Sharma, out of 6,661 unbanked villages with a population above 2,000 in Andhra Pradesh, SBI was allotted 1,369 villages to be covered under the Financial Inclusion Programme by the RBI and the bank has achieved 100% coverage.

"We have opened 35 brick-and-mortar branches, appointed 1,157 banking correspondents, introduced 162 banks-on-bikes and 15 banks-on-Wheels, making use of IT in these villages," Sharma told a press conference today.

He said they were able to open as many as 2.1 lakh accounts in the targeted villages with an average balance of Rs 400 to Rs 500 per account.

The RBI has allowed the opening of zero balance-no frill accounts under the FIP to encourage maximum coverage.

SBI now plans to cover villages with a population of less than 2,000 in an integrated manner over the next two to three years, furthering the financial inclusion programme.

"We have a network of 41 urban banking correspondents in Hyderabad. We shall expand the urban banking correspondent network to other cities in Andhra Pradesh to fulfill the objectives of providing banking services to migrant population employed in urban as well metro centres," he added.