The Hindu : Business : Indian Bank opens branch in Dharavi slum

Online edition of India's National Newspaper
Wednesday, Feb 21, 2007
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Business

Business

Indian Bank opens branch in Dharavi slum

Special Correspondent

MUMBAI: Indian Bank on Monday opened its first commercial bank branch in Asia's largest slum, Dharavi, here.

The branch would help the people of Dharavi to channelise their savings and facilitate easy remittance of funds to the kith and kin of the migrants.

Inaugurating the branch, Usha Thorat, Deputy Governor, Reserve Bank of India, applauded the bank for playing a pioneering role in bringing the common man, `especially the unbanked, into the banking sector.'

Indian Bank launched the financial inclusion project in December 2005 first in the Union Territory of Puducherry (Pondicherry) with a view to providing banking facilities and other financial services to all the people. After successful completion in Puducherry, the bank has opened `no frills' account for households in Dharavi.

"The opening of the branch would help scale up the business efforts of the people of Dharavi and result in a significant increase in the number of commercial establishments,'' K. C. Chakrabarty, Chairman and Managing Director, Indian Bank, said.

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