Canara Bank, the public sector lender has inaugurated its first ultra-small branch in Tamil Nadu and second in the country, at Oorseri Panchayat near Alanganallur.
The branch will be open on all seven days in the week and will be linked with core banking solution through a virtual private network. All account holders are to be issued with smart cards and deposits and disbursals with an upper limit of Rs 2,000 would be facilitated, besides linkage of loan applications to the parent branch. The first branch has been opened at Aralumallige in Karnataka.
The bank aims to cover villages with a population between 1,000 and 2,000, under the financial inclusion programme under this concept. An officer from the parent Alanganallur branch would visit the ultra branch once a week and monitor the functioning of the Business Correspondent.
