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AP Grameena Vikas Bank's financial inclusion drive

BS Reporter  |  Chennai/ Hyderabad 

As part of the financial inclusion plan, Andhra Pradesh Grameena Vikas Bank has conducted grama sabhas across 1,249 villages in Andhra Pradesh in a single day to create awareness about banking services.

The grama sabhas, conducted for the village elders, self-help groups and government officials, used audio and video to educate the borrowers about various credit facilities and the need for prompt repayment of loans, APGVB chairman K Lakshmana Rao said in a press release.

For implementing financial inclusion, the bank was allotted 869 villages. As on date, it has opened 656,000 basic banking savings accounts under the business correspondent (BC) model. It is planning to open ultra small branches (USBs) in those villages.

The bank has made good progress in the 'Smart Card Project', initiated by state government through biometric- enabled technology. The project is on across 1,964 villages benefitting 1.8 million people, the release added.

It has deposits of Rs 5,100-crore and advances of Rs 6,400 crore as on date. Around 84 per cent of the total credit of the bank, including a portion of SHG loans, flowed to the agriculture and priority sector.

“The bank has mobilised around Rs 8 crore retail deposits from the public during grama sabhas,” Rao stated.

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First Published: Mon, December 03 2012. 00:20 IST