Rural Indian bank network to add ATMs, branches

Rural Indian bank network to add ATMs, branches
Tags: Asia, Australia & Pacific, Bank / Credit Union, Installation / Deployment, Underbanked / Unbanked
January 2, 2013

India's Pandyan Grama Bank will open 17 new branches and will also begin to introduce ATMs during its next fiscal year, said a news release from the FI’s sponsoring institution, Indian Overseas Bank.

A regional rural bank, Pandyan Grama helps Indians who otherwise would have no access to banking services. The FI recently celebrated its 36th year in business, said a report by The Hindu Business Line.

Pandyan Grama currently operates 218 branches in 15 districts, providing about 100,000 accounts to residents in 219 villages.

The bank has set a goal to reach R42 billion ($780 million) in its current fiscal year. So far the total stands at R30 billion ($558 million).

Information on the number of ATMs to be installed was not given.

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