ICICI launches India’s first “Branch on Wheels”

It's part of the bank’s financial inclusion initiative.

Villagers in the western state of Maharashtra, India, will soon have access to basic banking products and services thanks to a mobile “Branch on Wheels” offered by India’s largest private sector bank, ICICI Bank, reported the Press Times of India on Thursday, as part of the bank’s financial inclusion initiative, aiming to expand its reach to citizens devoid of banking facilities.

India’s largest private sector bank, ICICI Bank will take its mobile “Branch on Wheels” to Maharashtra and will launch one more facility in the state by the end of the year. Two more “Branch on Wheels” could be opened in Odisha and Chhattisgrah states, each depending on the success of its pilot project.

ICICI Bank claims to be the first private sector lender to ever launch a mobile bank on wheels. The "Branch on Wheels" is a van that travels to unbanked villages on specific days.

The mobile branch will provide services such as savings accounts, loans, cash deposit/withdrawal, account balance enquiries, statement printing and funds transfer/DD/PO collection.

ICICI Bank said that two officials, along with a guard, will man the mobile branch, with the pilot project initially heading to four villages: Borgaon, Waloli, Katebhogaon and Warnul.

"It gives me immense pleasure to unveil ICICI Bank's first 'Branch on Wheels' in the country. I am certain that this initiative of launching a mobile branch with an ATM would go a long way to provide basic banking facilities to the unbanked villages in Maharashtra,” said state Chief Minister Prithviraj Chavan.