| Thursday January 7, 03:29 AM | Source: Indian Express Finance |
Uco Bank takes a step towards inclusion
By fe Bureau In a bid to speed up the financial inclusion process, state-run Uco Bank is planning to launch a branch-on-wheels service on January 26. This initiative will take the bank to rural and semi-urban areas on mobile vans.
The mobile branches, working as an extension centre of a base branch, will cater to almost 50,000 people. While a few other state-run banks, like Bank of Baroda, have introduced mobile automated teller machines, Uco's branch-on-wheels will offer the whole bouquet of services that a branch normally offers along with ATMs.
Uco bank will start the service from Amethi in Uttar Pradesh and subsequently roll out 100 such mobile branches across the country within a year.
Each mobile branch would cost about Rs 22 lakh and will require five people to man it.
SK Goel, chairman and managing director of the bank, said this will help us in our effort to make banking accessible to the masses. At present, 40% of the country's population is financially included and the Reserve Bank of India has asked the banks to prepare an alternative model towards achieving financial inclusion.
"We will be the first public sector bank to roll out such a service," Goel said.
Talking to reporters, Goel said the bank is targeting a total business of Rs 2,02,000 crore for the fiscal ended March 31, 2010. Goel said the bank is well on the way to achieve it.
As on December 31, 2009 , the bank's advances grew 22.04%, while deposits grew 19.77%. The total business of the bank was at Rs 1,78,300 crore during the period.
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