With the aim to boost the union territory`s economy, State Bank of India (SBI) has announced that it intends to diversify operations in the Andaman & Nicobar (A&N) Islands.
According to the sources, SBI branches would be increased from 18 to 20 by the end of the current fiscal.

The sources further revealed that the number of ATMs would also be enhanced from 11 to 16 by December, adding that one would be installed at Car Nicobar Islands.

SBI had also linked up with Nabard to undertake income generation activity among the unemployed youth in the union territory, and to build a training institute under the Rudseti (rural development and self training institute) programme.

According to the reports, the public sector lender would impart financial assistance for fisheries, horticulture and floriculture as the island was lacking in industrial activity.
The credit-deposit ratio in the island was low at 36. With the increasing importance of tourism in the island, the bank would also extend finance for developing related logistics in the area.

Shares of SBI declined Rs 30.9, or 2.84%, to settle at Rs 1,056. The total volume of shares traded was 1,893,119 at the BSE.