The Hindu Business Line : Kerala achieves total financial inclusion

Thiruvananthapuram, Dec. 12 The total financial inclusion drive in Kerala, which reached the goal by September-end this year, has seen as many as 12.70 lakh new savings bank accounts being opened in the State.

The drive, which aimed at ensuring that every household in the State opened at least one bank account, has ended with many households opening more than one account, according to sources in the State Level Bankers’ Committee (SLBC)

A preliminary survey done before launching the campaign had shown that 81.36 per cent of the total households in Kerala were already having banking exposure and the target was to cover the remaining 18.64 per cent of households numbering around 11.79 lakh.

Account type

Of the total number of new accounts, 9.31 lakh were ‘no-frills’ accounts.

In addition, the banks issued 45,791 general purpose credit cards during the programme, which accounted for 88 per cent of the total number of 52,296 cards (involving an amount of Rs 69.81 crore) outstanding in the State as at the end of September 2007.

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Kerala achieves total financial inclusion