Hyderabad based public sector lender Andhra Bank plans to bring 1144 villages under Financial Inclusion Plan before March 2011. The bank plans to bring around 500 villages under Financial Inclusion Plan before the end of current Financial Year.
The lender plans to offer basic banking services to these villages through Business Correspondents. The bank has already opened 8.60 lacs “NO frills Accounts”. The lender has also launched a few schemes specially meant to benefit people from rural areas.
Andhra Bank Gramina Kranti Patakam is such a scheme launched by the bank under which the villagers are issued Smart Cards to receive payments under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and the social service schemes like the old-age pensions at the panchayat level.
The Deputy General Manager of the bank Mr. Regidi Appadu said "Out of 7.45 lakh beneficiaries in Srikakuam district in Andhra Pradesh, the bank has already issued the smart cards to 3.40 lakh people."
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