In order to bring the remote areas of the country under branch banking structure the Reserve Bank of Indian has come up with a new approach. The umbrella banking body has asked the lenders to allocate at least 25 percent of the total branches that they plan to open during a year to for unbanked rural areas in the country.
RBI has categorized various parts in the country on the basis of availability of bank branches and the population; Tier 5 and 6 are the centers that lack physical presence of any bank. Banks do not require any prior permission for opening branches in Tier 3 to 6 centers but for Tier 1 and 2, permission from RBI is mandatory.
To capitalize on it and to prompt the bank to open branches in rural areas, RBI has made it necessary for the banks to open at least 25% of the total branches that a banks intends to open during a year in the unbanked parts of the country to get permission to open branches in Tier 1 and 2 centers.
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