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C.J. Punnathara

Kochi , Dec. 19

By next March, Ernakulam in Kerala may well be the first district in the country to have achieved 100 per cent financial inclusion.

The campaign, led by Union Bank of India, the lead bank in the district, aims to bring all the left-out families to the banking fold, by encouraging them to open `no frills' account with zero or nominal balance, without enforcing any service charge for such accounts.

Credit card

"Simultaneously, the needy people will be issued `general purpose credit cards' that will enable them to avail Rs 25,000 credit from the bank in the neighbourhood and eventually remove them from the clutches of moneylenders," Mr M.P. Varghese, Assistant General Manager of Union Bank of India, said.

The general purpose credit card scheme has been initiated by the Union Finance Ministry in its pursuit of greater financial inclusion of the population and all such advances for agricultural purposes would command an interest of 9.5 per cent.

However, it can be multi-purpose credit to meet any other immediate requirements of the cardholder, where the rate of interest will be slightly higher, Mr Varghese said. The primary target would be the rural artisans, agricultural labourers and small-time farmers.

Development panel

The special consultative committee for banking development, wherein the District Collector is the Chairman, decided to bring all commercial banks, district cooperative banks and service cooperative banks into its ambit. Kudumbashree, one of the largest self-help groups, also participated in the meeting.

More Stories on : Trends | Public Sector Banks | Kerala

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