Karur Vysya opens ultra-small branch

Karur Vysya bank (KVB) has launched its first ultra-small branch at Balarajapuram village in Karur district. The bank said this was part of its ongoing financial inclusion programme. The branch was inaugurated by J Sadakkadulla, regional director, RBI, in the presence of K Venkataraman, managing director and chief executive officer.

KVB proposes to open 28 ultra-small branches this year, and 24 in the next financial year. The branch will provide basic banking services to the unserved population at an unbaked rural centre according to the guidelines of the RBI. An ultra-small branch will have a small area of about 100 to 200 sft, and the business correspondent appointed by the bank will open basic savings accounts and do banking transactions, including receipt of cash, payment of cash, opening of recurring deposit accounts for people in the villages.
 

The villagers can also exchange their soiled or cut notes and also get coins through these branches, said a bank release.