As part of the financial inclusion campaign, by December 2022, the public sector bank will open about 300 brick-and-mortar branches in unbanked areas of the states. According to media reports, these new branches will cover all remaining unbanked villages of over 3,000 people.

Rajasthan will open as many as 95 branches, followed by 54 in Madhya Pradesh. The public sector bank will open 38 branches in Gujarat, 33 in Maharashtra, 32 in Jharkhand and 31 in Uttar Pradesh.

Last month, the heads of public sector banks recently met with the financial secretary to review progress in opening branches in rural areas. Media reports say the State Level Bankers Committee (SLBC) has given banks until December 2022 to open branches in designated locations.

Bank of Baroda will open 76 branches, while State Bank of India will open 60 branches. Financial inclusion is a national priority for the government as it is a driver of inclusive growth.

This is important because it gives the poor a way to bring their savings into the formal financial system, a way to send money to rural households, while also freeing them from usury.

The government is committed to providing financial inclusion and support to the marginalized and socio-economically neglected segments through various programmes including Pradhan Mantri Jan Dhan Yojana (PMJDY).

Since August 28, 2014, the bank has opened more than 46 crore bank accounts under PMJDY with a deposit balance of Rs 1.74 lakh crore, extending its coverage to 67% of rural or semi-urban areas and 56% of female Jan Dhan account holders.