ICICI Bank launches Branch on Wheels in Maharashtra
September 05, 2013
- First private sector bank to launch Mobile Branch with ATM
- Launched in Kolhapur, Maharashtra by Hon'ble Chief Minister of Maharashtra Mr. Prithviraj Chavan and ICICI Bank Executive Director Mr. Rajiv Sabharwal
Kolhapur, Maharashtra: ICICI Bank Limited, India's largest private sector bank, today announced the launch of its "Branch on Wheels" as part of its financial inclusion plan that aims at providing banking services in villages which are so far devoid of banking facilities.
The "Branch on Wheels", the first of its kind initiative by any private sector bank in India, was inaugurated at Kolhapur in Maharashtra by Mr. Prithviraj Chavan, Hon'ble Chief Minister of Maharahstra and Mr. Rajiv Sabharwal, Executive Director of ICICI Bank.
The "Branch on Wheels" is a mobile branch with an ATM that offers basic banking products and services such as savings accounts, loans, cash deposit/withdrawal, account balance enquiries, statement printing and funds transfer/DD/PO collections, among others.
The mobile branch with an ATM will be operated at specific timings of the day in pre- identified, unbanked villages through a van that will be stationed at specified locations. It is equipped with a GPS tracking system, laptops with 3G connections, LED TV, a safe, a printer, public announcement system, an UV Lamp that detects forged cheques, a note counting-cum-authentication machine that identifies fake currency notes and a unique low weight ATM. Two ICICI Bank officials and a guard will manage the mobile branch with ATM. The nearest branch of the Bank will act as the parent branch of the "Branch on Wheels", routing all the cash and transactions for it. The "Branch on Wheels" which has been launched in Kolhapur today, is mapped to the parent branch at Bazar Bhogaon, near Kolhapur. It will cover four unbanked villages namely Borgaon, Waloli, Katebhogaon and Warnul.
Mr. Prithviraj Chavan, Hon'ble Chief Minister of Maharashtra, who was the Chief Guest at the launch function said: "It gives me immense pleasure to unveil ICICI Bank's first 'Branch on Wheels' in the country. I am certain that this initiative of launching a mobile branch with an ATM would go a long way to provide basic banking facilities to the unbanked villages in Maharashtra. Financial Inclusion is a key agenda of the government and it is very
encouraging to see that ICICI Bank is playing a strong role in this area. "
Mr. Rajiv Sabharwal, Executive Director of ICICI Bank said,"ICICI as a Group has always recognised the potential of rural India and the importance of inclusive growth. We have always tried to take a holistic approach to provide financial services in rural and remote areas. In line with this approach, we have already launched 308 Gramin branches across the country to provide basic banking services in unbanked villages and plan to scale it up to 500 this fiscal. 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. "
The Bank, through its network of rural branches and Business Correspondents (BCs), provides banking services across nearly 15,000 villages and has 16 million basic savings accounts at July 31, 2013. Under its financial inclusion plan, the Bank offers end-to-end products to the farm sector like Kisan Credit Cards for working capital, agricultural term loans for financing capital expenses and loans for financing of agricultural produce kept by farmers in warehouses. The Bank has 3382 branches, including more than 660 in rural areas and 11,000 ATMs.
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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