According to Mr. Shiva Kumar, Chief General Manager, SBI, the bank is launching a special scheme for urban financial inclusion in Andhra Pradesh, beginning with Hyderabad in June.
Mr Shiva Kumar said, special kiosks would be established in Hyderabad for financial inclusion and the urban poor would be able to open accounts in such kiosks very easily, without any hassles. They need not furnish any details and they can open account with as little as Rs 1. However, the transactions in a day should not exceed Rs 10,000 and Rs 1 lakh per annum in these special accounts. The operations in these kiosks would be outsourced. These kiosks should not be considered branches, but all the transactions would have the sanction of the SBI and they would be fully secured.
Mr. Shiva Kumar said the SBI would also open a special branch for high net worth individuals in Hyderabad, christened Kohinoor Banjara Premium Banking Centre. It would function throughout the year, and would have special facilities for such customers. He said the SBI had collected deposits of Rs 49,000 crore in Andhra Pradesh and lent Rs 52,000 crore to the customers. “We expect 20-25 per cent growth in the State during the current fiscal. We have 1,111 branches and we plan to open 100 more branches during the year in the State and establish 400 more ATMs in addition to the existing 1,500,” he said.
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