Indian Banks complete first phase of financial inclusion

Thursday, October 24, 2013

Commercial banks have achieved the target of providing banking outlets to all villages in Karnataka, with a population of over 2,000 people. Till now, the banks have covered 3,395 such embanked villages by providing outlets, of which brick and mortar branches have been opened in 402 villages in the first phase under the financial inclusion scheme.

Announcing this at the 125th meeting of State Level Bankers’ Committee (SLBC) in Bangalore on Wednesday, Sudhir Kumar Jain, chairman and managing director of Syndicate Bank and Chairman of SLBC said banks have provided outlets only in 3,862 villages in the second phase, against the target of 13,684 villages.

He requested the participating banks to provide banking outlets in the remaining villages at an early date.

Electronic benefit transfer (EBT) scheme is being implemented in seven districts on a pilot basis under the terms of a MoU entered into with the government of Karnataka. Jain requested all the participating banks to complete the task of opening of accounts and issuing Smart Cards to all enrolled beneficiaries.

Source: Business Standard (link opens in a new window)

financial inclusion