ICICI Bank launches 18 Gramin branches in Andhra Pradesh
August 12, 2013
- Branches in unbanked villages offer a wide gamut of banking services
- Open six days a week
- Bank will service its customers through a network of more than 59 rural branches in the state
Hyderabad: ICICI Bank Limited, India’s largest private sector bank, today announced the launch of 18 new Gramin branches in Andhra Pradesh, as part of its financial inclusion plan that aims at providing banking services in unbanked villages.
All these branches have been opened in small villages, which were so far devoid of any banking facility.
These Gramin branches are spread across six districts of the state. They are located at Nudurupadu and Lemellapadu in Guntur district, IS Ragavapuram and Rajavaram at West Godavari district, Antarvedipalem, Visweswarayapuram, Kumarapuram in East Godavari District, Burja and Thamarakhandi in Vizianagaram district, Laddagiri, Bolavaram, Chetla Mallapuram and Pedda Tekur in Kurnool District, Ladanoor, Salakpur, Chaga and Ippagudem in Warangal District.
With these launches, ICICI Bank has opened over 59 rural branches in Andhra Pradesh. The addition of these new branches has increased the network of ICICI Bank in Andhra Pradesh to more than 219 branches.
Mr. Sreedhar Dharmapuri , Zonal Head (Rural & Inclusive Banking Group, Andhra Pradesh) of ICICI Bank said, "ICICI Bank recognises and accords great importance to rural and inclusive growth. It is our constant endeavour to provide the entire gamut of financial services in rural and remote areas, which include credit, savings, investments and insurance products. In line with this approach, we have launched 18 Gramin branches, which will provide all basic banking services in unbanked villages, which is a key part of our Financial Inclusion strategy."
These Gramin branches will offer all the basic banking services such as:
- Farmer Finance through Kisan Credit Card (KCC) and Agri-term Loan (ATL) for the cultivation and development of agricultural land.
- Rural Business Credit (RBC) to meet working capital and term loan requirements of business entities in rural and semi- urban areas.
- Overdraft (OD) against fixed deposits (FD) under the Bank’s Kisan Kalpvriksh scheme for rural customers.
- Various basic savings accounts to the customers based on their profile and requirements.
ICICI Bank has already partnered with the Government of AP for facilitating Aadhaar Enabled Payment System (AEPS) for Social Security Pension payouts. This system brings together pensioners under various schemes on one platform. The Bank uses biometric testing to verify the pensioner against the Aadhaar database and transfers pension amount to the beneficiary’s bank account, using the Direct Benefit Transfer. The pensioners can approach any of the Bank’s business correspondents to withdraw the pension by providing thumbprint.
ICICI Bank has 3,350 branches and over 10,900 ATMs spread across the country. The Bank services its large customer base through a multi-channel delivery network of branches, ATMs, call center and internet banking (www.icicibank.com).
About ICICI Bank: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of US $ 124 billion at March 31, 2013. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.
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