News

India's ICICI adds 'Branch on Wheels'

September 9, 2013

ICICI Bank Ltd. has launched its "Branch on Wheels" as part of a financial inclusion plan that aims to provide banking services to unbanked villages in India. The initiative is the first of its kind to be implemented by one of the country's private sector banks.

The Branch on Wheels offers basic banking products and services such as savings accounts, loans, cash deposit and withdrawal, account balance enquiries, statement printing and funds transfer, the bank said in a news release.

The branch is housed in a van outfitted with what ICICI called "a unique low weight ATM," plus a GPS tracking system, laptops with 3G connections, a safe, a printer, a UV lamp that detects forged checks, and a note counting-authentication machine. 

The van will travel between four unbanked villages, and will be available to customers in each village at specified locations and hours. The branch is staffed by two bank officials and a guard. 

"ICICI as a group has always recognized the potential of rural India and the importance of inclusive growth," ICICI executive director Rajiv Sabharwal said in the release. "We have always tried to take a holistic approach to provide financial services in rural and remote areas ... Today's launch of 'Branch on Wheels' is yet another step of the bank to expand its reach to the villages which are devoid of banking facilities. "

Through a network of rural branches and business correspondents, ICICI provides banking services to nearly 15,000 villages. Overall, the bank operates 3382 branches — more than 660 of them in rural areas — and 11,000 ATMs.

Read more about installation and deployment.