RBI advises banks to open branches in unbanked rural centres

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RBI advises banks to open branches in unbanked rural centres
Reserve Bank of India (RBI) has asked banks to expand their branches in unbanked rural centres and draw up their next Financial Inclusion Plan (FIP) for the period 2013-16.

In a statement, RBI said, "To facilitate speedier branch expansion in unbanked rural centres for ensuring seamless roll out of the Direct Benefit Transfer/EBT Scheme of the government, banks are advised that they may consider front-loading (prioritising) the opening of branches in unbanked rural centres over a three-year cycle co-terminus with their FIP(2013-16)."

RBI said credit will be given for the branches opened in unbanked rural centres in excess of the required 25 per cent of the Annual Branch Expansion Plan (ABEP) for the year which will be carried forward for achieving the criteria in the subsequent ABEP/year of the FIP, it added.

Read more about: rbi
Story first published: Wednesday, May 29, 2013, 13:31 [IST]
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