News

Rural Indian bank network to add ATMs, branches

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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