PNB plans to extend coverage to 4,700 villages by March '12

The lender wants to expand reach to rural masses by appointing business facilitators or business correspondents.

The public-sector Punjab National Bank (PNB) would cover 4,700 unbanked villages nationally having population of over 2,000 by March 2012. Initially, the bank would appoint business correspondents or business facilitators to provide banking services to the farmers’ doorstep and later on by opening branches at potential places. Also, it is planning to open at least 500 branches nationally and has plans to increase its global footprint.

This was stated by Punjab National Bank Chairman and Managing Director K R Kamath in an interaction with Business Standard, who was in the city to inaugurate its circle office.

He added, “We intend to provide banking services to the rural masses. Initially the bank has to cover 1,500 villages with population figure of over 2,000 by March 2011, of which 1,246 villages have been already covered. Nationally, we would provide banking services to 4,700 unbanked villages by appointing business facilitators or business correspondents”. In Haryana, the bank will cover about 500 unbanked villages.

View the full story in Business Standard.