Utkarsh banks changing lives of Varanasi women, PM Modi praises
Varanasi: The women of Varanasi cherished the inauguration of banking services of Utkarsh on Friday by Prime Minister Narendra Modi.
With the arrival of Utkarsh, women have become self-reliant and started small businesses as the bank lend them money at low interest rates.
PM Modi also unveiled a plaque to mark the laying of foundation stone of the headquarters building of the bank which specialises in micro-finance.
"Through the Utkarsh Bank, the aspirations of the poor will get wings and their dreams will be fulfilled," PM Modi said.
Utkarsh plans to have a network of 400 branches by the end of this fiscal. While nearly 350 of its existing micro-finance branches will be upgraded to small finance bank branches, another 50 will be new additions.
Currently, Utkarsh has a customer base of 12 lakh across Uttar Pradesh, Bihar, Jharkhand, Uttarakhand, Maharashtra, Madhya Pradesh, Delhi, Haryana, Himachal Pradesh and Chhattisgarh.
Utkarsh offers interest at around 100-150 basis points higher than large banks (varying at 8.25-8.5 per cent), while for savings deposits the rate is 6 per cent.
It has 400 branches and outlets as on date with deposits of Rs 400 crore from its borrowers.