Corporation Bank to expand branchless banking network

Corporation Bank, which uses the branchless banking model for financial inclusion, plans to bring more people under its branchless banking network. Mr. Ramnath Pradeep,CMD,said that the bank has around six lakh no-frills accounts, with an average balance of Rs 475 a customer. The Bank plans to increase the number of no-frills accounts to nine lakh,by the end of the fiscal year, under its financial inclusion plan. He said that opening of no-frills accounts is a stepping stone to enable customers to avail other banking products. The Corporation Bank has 1385 branchless banking units in Karnataka,AndhraPradesh, Goa, TamilNadu, Kerala, Gujarat, Maharashtra, Haryana & Punjab.(BL 24092010)