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Press Release
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19.12.06
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| National Pilot Project on Financial Inclusions- UT of Puducherry |
Financial Inclusion is aimed at providing banking / financial services to all people in a fair, transparent and equitable manner at affordable cost. Households with low income often lack access to bank account and have to spend time and money for multiple visits to avail the banking services, be it opening a savings bank account or availing a loan. These families find it more difficult to save and to plan financially for the future. Hence, the unbanked public is largely cut off from the Banking products/services. The Reserve Bank of India in its Annual Policy Statement 2005-06 and mid-term review of Annual policy statement 2005-06, emphasized the need for a policy on the same.
On the eve of successful completion of this project, in the State Level Bankers Committee Meeting held at Puducherry on 19.12.2006, Shri. N. Rangasamy, Honourable Chief Minister, UT of Puducherry expressed his happiness, in the presence of Dr K C Chakrabarty, CMD, Indian Bank, Ms. Madhavi Sharma, G.M. RBI, Shri. J.T. Chethalan, DGM, NABARD, Shri. Selvam Veeraraghavan, GM (RBS), Indian Bank, Shri. M. Savarimuthu, DGM & Circle Head, Puducherry, over completion of the first phase of 100% Financial Inclusion project before the targeted period i.e. 31.12.2006. With this the first phase of the National Pilot Project on Financial Inclusion comes to an end and the UT of Puducherry has now become the first in the country to become fully covered under the Financial Inclusion Programme.
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