Money & Banking

TMB launches smart cards for banking in rural areas

L.N. Revathy Madurai | Updated on November 13, 2017

Unveils smart card; to start mobile banking soon

Not many business correspondents (BCs) in this country would probably be as fortunate as Tamilnad Mercantile Bank's (TMB) BCs Mr T Akni, representing Karadipatti village and Ms P Chinnammal of Keelakuil village near Madurai.

When they were introduced by the Chief Executive and Managing Director, Mr A K Jagannathan, at the launch of the financial inclusion programme at Karadipatti in Thiruparankundram taluk in Madurai district, the RBI Deputy Governor, Dr K.C. Chakrabarty, greeted them, exchanged pleasantries and enquired about their understanding of the job of a BC.

He told the gathering that they should not stop with just opening an account but continue operating it as well. “Akni and Chinnammal are familiar to all of you,” he said and urged BCs to work aggressively and strengthen their relationship.

“The branch manager was known as an agent 50 years back. Today, the BC is your agent,” Dr Chakrabarty said.

Inclusive growth

He told the villagers that it would be the responsibility of every stakeholder – the bank officials, BCs and the people of the village to take this inclusive growth forward to reach all the people.

“When an individual opens a bank account, he becomes a part of the growth process. The interest earned thereon is a saving and having an account would help when the person is in need of financial support,” he said, emphasising the value of operating a bank account.

In a way, the launch of the financial inclusion programme at Karadipatti Village in Thiruparankundram Taluk located about 16 km from Madurai was supposedly different from many such programmes launched in the past.

As part of the financial inclusion programme, TMB launched the smart card for doing banking transaction in rural centres.

This is TMB's first major financial inclusion project. The bank has proposed to replicate this model in 31 villages this fiscal.

Mr Jagannthan said the bank has got the nod from the banking regulator to start mobile banking service and this would happen within a week or so.

Published on August 03, 2011

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