Public sector banks to open 316 branches in financial inclusion drive

Brick and mortar branches to be opened by December 2022; progress was shared in PSB review

Public sector banks (PSBs) are targeting to open around 363 brick and mortar branches by December 2022 to scale up Prime Minister Narendra Modi’s financial inclusion drive by covering villages with a population over 3,000 and within 5 km radius.

These branches would cover villages in 21 states, and would be opened by banks in location allocated to them by State Level Banking Committee (SLBC). SLBC is an institutional forum for coordinating and implementing banking policies in states, and has representation from banks, Reserve Bank of India (RBI), National Bank for Agriculture and Rural Development (NABARD), heads of government departments. 

Additionally, about