SBM to widen network
The State Bank of Mysore (SBM) plans to expand its branch network in the rural and semi-urban areas in a big manner by opening brick and mortar branches as also installing point of sales machines, forming part of financial inclusion process during the present fiscal.
Dilip Mavinkurve, managing director, SBM, said a sizeable number of branches are planned in the underdeveloped region of Northern Karnataka. The bank plans to open 100 branches this year, of which 45 branches will be in north Karnataka, he said.
The bank, during the year, proposes to increase the total number of ATMs to 800 from the existing level of 700.
The bank has implemented the base rate replacing Bench-Mark Prime Lending Rate effective July 1, 2010, as per directive of RBI. The Bank’s Base Rate is at 7.75 per cent.
All 690 branches of the bank on CBS have been enabled to provide ITeS viz, Internet Banking, Mobile Banking, RTGS, NEFT and SBGRPT (a remittance facility within the State Bank Group).