On Wednesday the State Bank of Hyderabad said that they will set-up 50 e-connect outlets across India by march-end and also plans to open branches to meet requirements of industrialists and business houses.
The Managing Director of SBH, Santanu Mukherjee, said the government right now we will start with 15 e-connect then after the number will be increased by 50. E-connect kiosks provide facilities such as ATM, cash and cheque deposit system. Internet banking services are also provided. They also plan to open branches to meet the financial requirements of industrialists and big business houses. He said that associate SBI bank is targeting a total business of 2, 40,000 crore by the end of the fiscal and Rs 2, 75,000 crore by march 2016.
Indian economy is now slowly moving into higher growth trajectory and infrastructure projects where banks have invested also being fast-tracked.
On payment banks, he said these proposed niche players will not have any impact on the existing lenders. We have been serving all kinds of customers and those who are satisfied with the services rendered by public sector banks may not go towards the payment banks. On Jan Dhan Yojana, he said SBH has opened 3 lakh accounts under the Centre’s financial inclusion scheme, the highest by any lender in Andhra Pradesh.