The Hindu Business Line : Indian Bank sets trend in going rural

The bank has drawn a roadmap for taking up the Reserve Bank of India's initiative on financial inclusion and the exercise is expected to be completed by the end of the current fiscal.

It has brought the inhabitants of Mangalam village (under its branch at Villianoor) in the Union Territory of Pondicherry under its fold.

It is in the process of replicating this exercise throughout the country.

The semi-urban and rural branches conduct household survey in every village and collate details of existing account holders and estimate the number of persons who fall outside the ambit of banking services.

It targets the unbanked, eligible and willing populace to open bank account after educating them about the service convenience. The bank also offers overdraft facility, sanctions general credit card to those who undertake some economic activity, provide social security cover with various insurance products (wherever feasible) and offer credit assistance.

Pasur near Coimbatore has emerged as the first village in Tamil Nadu to be covered under the financial inclusion initiative.

Dr K.C. Chakrabarty, Chairman and Managing Director, Indian Bank, was in the city on Friday to commemorate the availment of banking services by entire members of Pasur village .

Bank sources said that out of 2,936 persons in Pasur, 1,871 were identified as eligible.

Of these, 981 did not have any bank account, but only 875 were willing to open an account and these persons were brought into Indian Bank's fold.

More Stories on : Public Sector Banks | Rural Development

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
On rising trend

Higher tax breaks likely for health insurance
Budget may signal next phase of reforms

Bonds lower on fears of higher borrowings

Indian Bank sets trend in going rural

Rs 1,400-cr PFC loan for Ratnagiri Gas

Crisil rates UCO Bank's hybrid instrument

Poultry sector seeks reschedule of loans