The Central Bank of India will always strive for financial inclusion and to take banking services to the rural public, according to M.V Tanksale, Chairman and Managing Director. He was speaking at Kandarada village in Pithapuram mandal of East Godavari district on Friday, after inaugurating an ultra-small branch of the bank.

He said a business correspondent, Nageswara Rao, would transact the business at the branch and the Pithapuram branch manager of the Central Bank would visit the ultra-small branch in the village and monitor its functioning. He said seven such ultra-small branches would be opened in the district. People of the village could open zero balance accounts in the ultra-small branch, in accordance with the RBI’s directives, and the transactions would be conducted through the branch, he said. He said it was really laudable that East Godavari district had been chosen as one of the 51 districts in the country for implementing the cash transfer scheme of the Union Government from January 1.

He distributed loans to SHGs of women in the village. District Collector Neetu Prasad said it was laudable that the Central Bank had opened an ultra-small branch. In future, all subsidies and loans given to the rural people by the Government would be routed through banks to avoid middlemen.

(This article was published on December 9, 2012)
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