New Delhi: To get more deposits with a low rate of interest, State Bank of India is planning to tap the rural market and aims to nearly double the number of such accounts to nine crore in two years.
“We plan to open four crore deposit account by March 2011,” SBI deputy managing director and group executive (rural business) Anup Banerji told PTI.
At present, the bank has about five crore deposit account holders in rural areas and one crore accounts on advances side, he said.
This will help greatly in mobilising low cost deposits, he said, adding, current account and saving accounts (CASA) at the end of March 2009 stood at 39%.
“We aim to increase this (CASA) to 45% during the current fiscal,” he added.
Banerji said the bank strongly believes in ‘Financial Inclusion’.
The bank has 17,979 customer service points, banking correspondents and banking facilitors in place, he said, adding it plans to cover an additional 50,000 villages in the current year.
Besides, the bank has tied up with India post to collect deposits and disburse advances in the rural area.