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Bhopal City
466 new bank branches opened in Madhya Pradesh in one year
22-07-2014

BHOPAL: As many as 466 new bank branches - 182 in rural, 136 in semi-urban and 148 in urban areas - have been opened in Madhya Pradesh till March 2014. The state has total 6415 bank branches, of these, 4102 are commercial banks, 1121 cooperative banks and 1192 branches of regional rural banks.

State’s bank branches have total deposits of Rs 2,49,525 crore as on March 2014, which is Rs 28,836 crore more than that of in March 2013. It shows economic progress and increasing prosperity of the state, suggesting increased circulation of domestic savings in fiscal market through banking.

Credit deposit ratio in Madhya Pradesh is 66 percent as on March 2014, which is higher than the national norm of 60 percent. Similarly, advances in priority sectors in the state are 59 percent as compared to national norm of 40 percent.

In total advances, agriculture advances in the state are 34 percent as compared to national norm of 18 percent. Total advances given to the weaker sections in the state were 13 percent against 10 percent national norm.

Till March 2014, total Rs 1,64,877 crore advances were given in the state including Rs 55,681 crore in agriculture sector, Rs 22,937 crore to small industries and Rs 21,271 crore to weaker sections.

Work on financial inclusion is in progress at a rapid pace to make available maximum banking facilities in rural areas of the state. Financial inclusion activities have been started in 2736 identified villages having over 2 thousand population. Madhya Pradesh has been conferred prestigious Skoch Financial Inclusion and Deepening Award 2014 for better performance in financial inclusion sector.

Ultra small banks are being opened in every 5 kilometre radius in rural area with a view to extending maximum financial inclusion benefits to rural people. These banks have transacted over Rs 1500 crore business.