State Bank of Hyderabad to set up 50 e-connect outlets

Vijayawada: State Bank of Hyderabad (SBH) on Wednesday said it will set up 50 e-connect outlets across India by March-end and also plans to open exclusive branches to meet the requirements of industrialists and big business houses.

Santanu Mukherjee, Managing Director, SBH, said the Government lender currently has 15 e-connect kiosks and it wants to take this number to 50 by March 31. He was speaking to reporters after inaugurating one such centre at SBH's Patamata branch here. E-connect kiosks provide facilities such as ATM, cash and cheque deposit system, Internet banking and other services under one roof without any human support, Mukherjee said. The bank plans to open some exclusive branches to meet the financial requirements of industrialists and big business houses. One such branch was opened here today to serve the industrialists of Andhra Pradesh, Mukherjee said. He said the associate SBI bank is targeting a total business of Rs 2,40,000 crore by the end of current fiscal and Rs 2,75,000 crore by March 2016. Mukherjee said the Indian economy is now slowly moving into higher growth trajectory and infrastructure projects where banks has invested are also being fast-tracked. On payment banks, he said these proposed niche players will not have any impact on the existing lenders. We have been serving all kinds of customers and those who are satisfied with the services rendered by public sector banks may not go towards the payment banks. On Jan Dhan Yojana, he said SBH has opened 3 lakh accounts under the Centre's financial inclusion scheme, the highest by any lender in Andhra Pradesh.