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FM opens 1,501 ultra small branches of Bank of India

The objective of Apoorva is to provide guidance and financial assistance to farmers for diversifying into agricultural activities

May 29, 2012 1:50 IST | India Infoline News Service
On 28th May, the Union finance minister Pranab Mukherjee opened 1,501 ultra small branches of Bank of India (BoI) in Murshidabad, Manipur under the financial inclusion programme. Mr Mukherjee also launched BoI’s Apoorva-Agriculture Product Innovation Cell and BOI AXA Asset Management Company Ltd.
The Bank said that the objective of Apoorva is to provide guidance and financial assistance to farmers for diversifying into agricultural activities such as protein rich foods, flax seed, etc, which have tremendous potential due to rising income level of the people.
BOI AXA Asset Management Company is the joint venture between BoI and AXA Investment Managers.
Mr Mukherjee said, “The Banks need to build on the momentum in improving banking penetration for the people at the bottom of the pyramid, especially in the north eastern and hilly states.”

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