The Hindu Business Line : Kodagu achieves 100% financial inclusion

Mangalore March 10 Kodagu district in Karnataka has attained the distinction of having achieved 100 per cent financial inclusion. It is the second district in Karnataka to achieve 100 per cent coverage.

A press release by Corporation Bank - the lead bank in the district - said here that the bank, along with the involvement of all other banks, had facilitated provision of banking facilities to the families in 295 villages and 71 wards of the district.

The massive initiative included conducting of 97,829 household surveys and opening of 23,407 no-frill savings bank accounts. Further, 1,174 general purpose credit cards have been sanctioned involving a loan amount of Rs 2.03 crore.

On the initiative of Reserve Bank of India, banks began focusing on financial inclusion, primarily to make available a basic banking, no-frills savings account and also provide general purpose credit card. The RBI advised all the banks with lead bank responsibility to implement 100 per cent financial inclusion in their respective lead districts, the release added.