Andhra Pradesh Grameena Vikas Bank (APGVB) has opened about 1.5 lakh no-frills accounts in eight districts of the State on a single day as part of Direct Benefit Transfer (DBT) initiative.
The 638 branches together opened 72,122 accounts while the bank’s financial inclusion machinery under branchless banking business correspondent model had opened 75,320 no-frills-accounts in 64 villages in Warangal district.
These accounts, opened with zero balance and seeded with Aadhaar cards will be Aadhaar payment bridge to facilitate electronic fund transfer like subsidies, scholarships, from concerned Government Departments.
“The beneficiaries can withdraw the amount either at our branches or SBI group ATMs or through branchless banking business correspondent agents (BCAs). Our bank started issuing RuPay ATM Debit Cards and has already in place BCAs,’’ the bank said in a release on Friday.
It has set a target of opening 10 lakh accounts in the next three months, it added.
naga.gunturi@thehindu.co.in