PSBs opened 316 branches in rural areas out of total 927 branches in FY 2022-23

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PSBs opened 316 branches in rural areas out of total 927 branches in FY 2022-23

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....SBs opened 316 branches in rural areas out of total 927 branches in FY 2022-23 News and Press Release Dated:- 1-8-2023 In terms of the revised guidelines issued by Reserve Bank of India (RBI) vide circular dated May 18, 2017, the term 'Branch" has been substituted by "Banking Outlet (BO)" which includes both brick and mortar branches and Business Correspondent (BC)....

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.... outlets to enable Banks in expanding their network even in remote rural areas in a cost-effective manner for hassle free services to customers in rural areas. This was stated by Union Minister for State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today. The year-wise number of branches of PSBs opened in rural areas during the current plan period, is as und....

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....er- FY Total Branches opened Out of which, number of rural branches opened 2018-19 430 128 2019-20 545 130 2020-21 651 75 2021-22 476 100 2022-23 927 316 Source: RBI The State Bank of India (SBI) has informed that a survey for opening of new branches has been carried out in 80 villages. Moreover, the Minister stated, rolling out of banking outlets in uncovered areas is a cont....

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....inuous process, looked after by the State/ UT Level Bankers' Committee (SLBC/ UTLBC), in consultation with the concerned State/ UT Government, member banks and other stakeholders. Banks, however, inter-alia, consider proposals for opening banking outlets in the light of RBI's instructions, their business plans and their commercial viability. Further, the Minister stated, RBI has granted g....

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....eneral permission to domestic Scheduled Commercial Banks (excluding Regional Rural Banks) to open banking outlets including branch at any place in the country, without seeking prior approval of RBI in each case, subject to at least 25 percent of the total number of banking outlets opened during a financial year being in unbanked rural centres i.e. centres having population less than 10,000 (Tier 5....

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.... and Tier 6 centres). News - Press release - PIB....

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PSBs opened 316 branches in rural areas out of total 927 branches in FY 2022-23