The largest banker of the country, State Bank of India (SBI) is considering opening four crore rural accounts by March 2011 in its attempt to mop up low cost deposits.
The state-owned bank currently has close to about 5 crore deposit accounts in the rural areas of the country.
The bank is targeting current account and saving accounts (CASA) of 45% in the current fiscal compared to 39% in the previous fiscal.
SBI has joined hands with India Post to facilitate deposit collection and loan disbursement in the rural areas. The bank currently has around 17,979 customer service points, banking facillitors and correspondents and it aims to expand its reach to another 50,000 villages by the end of current fiscal.