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Press Release
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06.10.07
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| Cuddalore District fully covered under Banking services |
The Chairperson, AshraCuddalore District has been declared the first District in Tamilnadu to have been fully covered under Banking Services. A function was organised at Cuddalore by Indian Bank, Lead Bank for the District on 5th October 2007 to commemorate the availing of Banking Services by the entire Cuddalore District.
“Financial Inclusion Project” with an objective of extension of Banking Services by way of opening “No Frills accounts” with “Nil” or very low minimum balance to all the willing eligible persons in the District was launched on 11.07.2006 in the District. All Bank branches numbering 167 operating in the District took part in the project. Panchayat villages and wards in Municipal / town Panchayat centres were allotted to each Bank branch. Branches conducted household survey in the entire District covering 5.11 lakh households. 2.75 lakh new accounts were opened in the last one year. 1057 beneficiaries were issued with General Credit card by which they are entitled to avail a loan ranging from Rs.5000/- - Rs.25000/- Overdraft ranging from Rs.1000/- - Rs.5,000/- has been allowed to 10098 No Frill account holders. Overdraft is allowed for urgent domestic / consumption purposes. General Credit Cards are issued for taking up any economic activity.
The District Collector, Cuddalore Shri.Rajendra Ratnoo.I.A.S., in his special address appealed to RBI and Banks to entertain Panchayat Level Federations of SHGs as the State Government is planning to bring all SHGs under Panchayat Level Federations. He also observed that Banks can play an active role in the implementation of Total Sanitation Campaign and Indra Awaj Yojana.
Shri.F.R.Joseph, Regional Director, RBI, Chennai lauded the banks in Cuddalore District for extending banking services to the entire Cuddalore District within a span of about 15 months. He appealed to the Bankers to approach the persons who are unwilling to open bank accounts once again and create awareness. RBI would shortly bring out a brochure to create awareness among the general public about the importance of having bank accounts, he added. He also said that the RBI will conduct an evaluation study on Financial Inclusion in Cuddalore District.
Shri.M.S.Sundara Rajan, Chairman & Managing Director, Indian Bank in his presidential address recalled the efforts of Dr.K C Chakrabarty, the previous CMD of Indian Bank and Shri.Gagandeep Singh Bedi I.A.S., the then District Collector in successful implementation of the programme in the District.
Shri.Sundara Rajan said that Indian Bank was keen on bringing the hitherto unbanked sector into the banking fold. He observed that only 40% of the population have Bank accounts at national level. As part of Financial Inclusion, Indian Bank has launched Bio-metric Smart Cards at Vridhachalam and smart cards have been issued to 1000 persons, he said. The Bank in its efforts towards taking Banking to the doorsteps of the rural mass, plans to establish Internet Kiosks in rural areas. Noting that large number of accounts have been opened under Financial Inclusion, Shri Sundararajan said that this would result in improving the savings habit among rural mass. He appealed to all the Banks to extend loans to rural mass without any hesitation as they are very honest and recovery in respect of loans granted to Self Help Groups is 99.5%. He exhorted the Banks to arrange for insurance cover to rural poor. He called upon the Banks in the District to take part in all Government programmes such as Total Sanitation Campaign, Indira Awaj Yojana, etc. He further appealed to all the Banks to extend educational loans as per guidelines and not to give any room for complaints.
During the occasion General Credit Cards, No Frills Cum overdraft facilty pass books and loans to Self Help Groups were distributed on behalf of various banks operating in Cuddalore District.
Shri.S.Ganesan, Assistant General Manager/Circle Head, Indian Bank, Cuddalore welcomed the gathering and Shri R.Manimaran, Lead District Manager, Indian Bank proposed the Vote of Thanks.
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