India aims to open 10,000 bank branches annually from FY15: P Chidambaram

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India aims to open 10,000 bank branches annually from FY15: P Chidambaram
India is planning to step up the expansion of the country's banking sector as it grants new banking licenses in a bid to achieve financial inclusion to help fasten growth in Asia's third biggest economy.

According to media reports, Union Finance Minister P Chidambaram on Saturday said that the government has revised upwards the goal of opening new bank branches every year.The Finance Minister said that the centre is targeting 10,000 new bank branches to open in the country every year from the upcoming financial year, up from the earlier plan of 7,000 annually.

Opening of new branches especially in the unbanked rural areas and villages will bring more people under the ambit of banking and financial services, thus accelerating economic growth.

The Finance Minister added that opening of new bank branches will help in the creation of 55,000 new jobs in the economy."The huge growth witnessed in the banking industry is one of the major achievements in the last 10 years during the UPA regime", he said.

Dion Global Solutions Ltd.

Story first published: Monday, January 13, 2014, 9:10 [IST]
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