HCBL Bank targetting beggars for financial inclusion
Tuesday, November 26, 2013
Taking financial inclusion to another level, HCBL Cooperative Bank has started opening the accounts of beggars to benefit the lowest strata amongst the urban poor.
In India, this is probably the only bank catering to this segment (beggars). So far, the Bank has already opened accounts of about 160 beggars in Lucknow under the relaxed Know Your Customer (KYC) norms of the Reserve Bank of India (RBI).
“By opening their accounts, we want to include the lowest strata of social pyramid in the banking channel,” HCBL Cooperative Bank CEO Pawan Kapoor told Business Standard.