Rising demand for new bank branches: Chidambaram

Business

oi-Sneha

By Sneha B K

Published: Friday, March 29, 2013, 13:59 [IST]

Finance Minister P Chidambaram today said there was a rising demand for opening bank branches and expressed confidence the bankers would respond positively to it.

"Bank branches are important for many reasons. People complain that they cannot open their bank account..if there is no bank branch say within 10 kilometre how do you open a bank account," Chidambaram said while inaugurating 300 new branches in Uttar Pradesh.

"Without bank branch how do you reach to the people to mobilise their savings. I am very happy that now there is a rising demand to open a bank branch in our towns and villages. I am sure that the bankers will respond to it," he added. On an average, about 6,000 branches were being opened every year in the last 2-3 years, Chidambaram said.

"I am sure that in 2013-14 all our banks will open a large number of branches. In UP alone there is a plan to open another 2700 branches. If you can do it in UP, you would be able to do at least 10,000 to 12,000 branches all over the country. I want all the bankers to put their best efforts to achieve the target," he said.

Chidambaram said UP was an important state. "In many ways UP's development and progress would determine India's development and progress," he said.

PTI