Mumbai, July 23: In a major step toward bringing about financial inclusion of the unbanked sections of the society, the Reserve Bank today allowed commercial banks to open mobile branches without its approval in areas with less than 50,000 population.
It has been decided to further liberalise the branch authorisation policy and grant general permission to domestic scheduled commercial banks (other than RRBs) to operationalise mobile branches in tier 3 to tier 6 centres (with population up to 49,999 as per Census 2001) subject to reporting,” the central bank said in a notification.
The move will help in taking banking services to unbanked areas and help promote financial inclusion.
The mobile branch scheme envisages extension of banking facilities through a well protected van with arrangements for two or three officials of the bank sitting in it with books, safe containing cash etc, it said.
–Agencies