Mangalore-based private sector Karnataka Bank has opened its first ultra small branch at Byadanur village in Tumkur district, Karnataka. The bank has inaugurated the branch on December 27, 2012 as part of its financial outreach programme in tune with national priority. Karnataka Bank also plans to open more and more such ultra small branches as per the financial inclusion initiative of the bank.
Ultra Small Branch will facilitate direct cash transfer of benefits under various government schemes. Initially, one officer of the bank will visit at least once in a week to the ultra small branch to meet the banking requirements of the people in the village. Based on the requirements, such branches can also be upgraded to a higher level.
Karnataka Bank is an old private sector bank which was set up in 1924. The bank had 510 branches and 409 ATMs spread across 20 states and 2 UTs across the country. Majority of the branch network is in the state of Karnataka.
