Home Detail News

Banking sector widening its reach in A&N Islands 108 banks & its branches providing financial services to Islanders 155 ATMs & 11 Business Correspondent outlets in operation

Port Blair ,

       The banking sector plays a major role in the development of the economy, as it mobilizes deposits and provides credit to various sectors across the country. It plays a vital role in the economic development of the country and is the most dominant segment of the financial sector.  The banking & financial services for the Islanders as well as visiting tourists to A&N Islands is being provided by the Public Sector Undertaking (PSU), private and Co-operative banks functioning in these Islands.
    As per the data provided by the Lead Bank at Port Blair, a total of 108 banks and its branches are functioning all over the islands. In addition to this, 155 ATMs are functioning all over the Islands and the number of Business Correspondent (BC) outlets is 11 as on June, 2021.
      Apart from providing day to day banking business transactions and loan schemes for people of different strata, these banks are also instrumental in implementing/propagating the financial security schemes launched by the Govt. of India viz. Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Mudra Yojana, Stand Up India Scheme. These financial security schemes have been devised for creating a universal social security system for all Indians, especially the poor and the