LAUNCH: ICICI Bank launches 101 Gramin branches across 6 states

Ludhiana, December 13, 2012:    ICICI Bank Limited, India’s largest private sector bank, today announced the launch of 101 Gramin branches across six states as part of its financial inclusion plan that aims at providing banking services in unbanked villages.

These Gramin branches were formally inaugurated in nineteen districts across the states of Maharashtra, Rajasthan, Andhra Pradesh, Gujarat, Madhya Pradesh and Tamil Nadu. All these branches have been opened in small villages, which were so far devoid of any banking facility.

While talking at the seminar on financial inclusion which was organised to mark the inauguration of a Gramin branch at village Khatwa, 100 km from Jaipur in Rajasthan, Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India said: “Financial Inclusion is the bedrock on which the edifice for an inclusive social and economic ecosystem can be built. While the task of bringing the 1.2 billion population within the fold of banking is indeed daunting, it is as much an opportunity for the banks. I feel that ‘brick and mortar’ branches, as delivery point for banking services, would continue to play a critical role for at least next 20 years.  I compliment ICICI Bank for opening 101 branches in the unbanked rural centers across the country today. I hope that as pioneers in adopting innovative technologies for delivery of banking services, ICICI Bank would be able to leverage its IT systems and larger physical reach for developing a sustainable and profitable delivery model of Financial Inclusion, which other banks may emulate.”

Rajiv Sabharwal, Executive Director of ICICI Bank said, “ICICI as a Group has always recognized the potential of rural India and the importance of inclusive growth. We have always tried to take a holistic approach to providing financial services in rural and remote areas, which includes credit, savings, investments and insurance products. In line with this approach, we have launched 101 Gramin branches, which will provide all basic banking services in unbanked villages. ICICI Bank has also opened close to 2million ‘no frill’ savings accounts this year taking the total number to around12 million ‘no frills’ accounts, which is a key part of our Financial Inclusion strategy.”

 These Gramin branches will offer all the basic banking services such as savings bank account,, fixed and recurring deposit, remittances, Kisan Credit Card, credit cards, and tractor loans. They will also service business correspondents. Today on the occasion of the branch inauguration, more than 150 customers opened their bank accounts in this branch.

ICICI Bank has undertaken a wide range of initiatives in the last few years as part of its financial inclusion agenda. It has a wide distribution network to service its rural and under banked customers. It will service its customers through a network of more than 400 rural branches and5000 customer service points, which will together serve more than 10,000 villages across the country.

 ICICI Bank has also launched the Saral Money Prepaid Card along with UIDAI on December 12, 2012. This card can be used to deposit or withdraw money from various customer service points using fingerprint authentication. This card allows people to carry out financial transactions even without a bank account. This card will be used to receive government subsidies and benefits too. 

 The Gramin branch at Khatwa already has more than 150 customers and ICICI Bank has started disbursing Kisan Credit Cards and agricultural term loans to some of them. It has also promised to undertake the education expenses of five needy and meritorious girls.

ICICI Bank has opened 112 rural branches in Rajasthan, which is one-fourth of total number of rural branches across the country. With the addition of these new branches, the network of ICICI Bank in Rajasthan has grown to more than 370 branches.  It also has over 100 customer services points in the state. The Khatwa Gramin branch is one of the dozen branches the bank inaugurated today in Rajasthan. The other Gramin branch in the same Dausa district is at Deoli. Other branches opened in the state are at Bhadla and Sadhoona villages in Bikaner district, at Munasari, Sardargadia Karanpura and Sikrodi villages in Hanumangarh and at Samrau, Bhed, Nausar and Palli villages in Jodhpur. In this state, ICICI Bank is also engaged in Electronic Benefit Transfers (EBT) for disbursement of wages to the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) workers.