SBI to expand branch network in A&N Islands

State Bank of India (SBI) officer informed that it will be opening its branch in the Andaman & Nicobar (A&N) Islands to boost the Union Territory's economy.

SBI Chief General Manager, Bengal Circle, Jayant Kr Sinha briefed a group of visiting journalists that the number of branches will be increased from 18 to 20 by the end of the current financial year.

Sinha also told by December the number of ATMs will be also be increased from 11 to 16, adding to that he said one will be installed at Car Nicobar Islands.

SBI, is the lead bank of the Andaman & Nicobar Islands, will also start income generation activity among the unemployed youth in the Union Territory, for this it has collaborated with Nabard to set up a training institute under the Rudseti (rural development and self training institute) program.

Sinha said that as the island is lacking in industrial activity, the bank will pass on financial assistance for fisheries, horticulture and floriculture.

The credit-deposit ratio in the island has been low at 36. With time in the island tourism has gained importance therefore the bank will be extending finance for developing related logistics in the area.