Demonetization effect: ICICI Bank deploys mobile branches

To reach out to unbanked villages, private lender ICICI Bank has deployed mobile branches in Maharashtra, Chhattisgarh and Odisha to help customers meet their daily financial needs conveniently, post demonetization.

"The deployment of the mobile branches is yet another step by the bank to expand its reach to villages which are devoid of banking facilities. The mobile branches are catering to over 25,000 rural customers, helping them meet their daily financial needs in a convenient manner," ICICI Bank MD and CEO Chanda Kochhar said.

"This initiative is in line with the bank's commitment to extending banking services to the remote locations of the country." Taking the nation by surprise, Prime Minister Narendra Modi on November 8 announced the demonetization of Rs 1,000 and Rs 500 notes, making these notes invalid in a major assault on black money, fake currency and corruption. Since November 9, ICICI Bank has deployed mobile branches across 21 villages in Maharashtra, Chhattisgarh and Odisha. Over 90% of the villages are unbanked. These mobile branches offer a wide range of banking products and services such as savings accounts, loans, cash deposit/withdrawal, account balance enquiries, statement printing and fund transfer, among others.