Bhopal: A total 300 more branches of banks would be opened in 2011-12 under financial inclusion scheme in Madhya Pradesh. Of them, 25% would be in rural and 10% in villages where there is no bank.

Nationalised banks alone have already opened 46 new branches in the first quarter of the current fiscal.

Central Bank of India executive director RK Dubey said this information was shared at the 144th State Level Bankers Committee (SLBC) meet held at Bhopal on Wednesday.

Punjab National Bank, Dena Bank, UCO Bank, Union Bank, Canara Bank are amongst some of the banks who have opened new branches in this quarter.

Economist Dr Jayant Bhandari said, "With state government promoting commerce by inviting national market leaders like TCS and foreign direct investments through holding investors meets, it is likely that financial institutes would increase in strength to help trading, borrowing and lending operations in the state".

Central Bank of India general manager B Mondal said, "The outreaches of Madhya Pradesh provide a conducive environment for expansion as state government is extending initiatives through Kisan Credit and other schemes while Reserve Bank of India (RBI) has initiated financial inclusion. A total 1020 villages have been covered in the state under financial inclusion by end of June 2011".

According to the committee members Central Bank of India opened the highest number of branches in rural area (25) while Bank of India opened 37 branches in semi urban areas.

Apart from 46 new branches 77 new ATMs have also been opened in the state. As per figures presented before the committee by June 2011, number of bank branches in the state have reached 5613 and number of ATM's stood at 2927.