Online edition of India's National Newspaper
Wednesday, Jun 27, 2007
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Online edition of India's National Newspaper Wednesday, Jun 27, 2007 ePaper |
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Kerala
Staff Reporter
All households to be under banking net To be provided with ‘no-frills accounts’
KOTTAYAM: The efforts of the authorities to declare “total banking” in the district, ensuring effective financial inclusion of the entire population, is moving full steam, in spite of certain setbacks. The effort is to declare Kottayam a total banking district along with others on June 30, when the State is expected to be declared the first Total Banking State in the country. According to R. Vijayan Nair, Lead District Manager, the campaign hit a temporary roadblock with the recent outbreak of viral fever in the district, following which survey operations were affected. The survey, being carried out at the grama panchayat ward level is the basis for assessing and identifying the actual number of house holds yet to be brought under banking net. The district already had 85 per cent financial inclusion thanks to the effective functioning of self-help groups who were instrumental in bringing those belonging to the lower strata into the banking net. “However, there are households still outside the banking net, especially in the interiors,” said Mr. Nair. The campaign is focussed on these households which would be provided with “no-frills accounts.” The procedural formalities had been minimised and they would be able to start ‘zero balance’ accounts. These accounts would have a passbook and an ATM card. “At a later stage, these accounts would be able to draw overdrafts as per the guidelines,” Mr. Nair said. Palakkad and Ernakulam had already been declared total banking districts and Alappuzha had completed the efforts, though the was declaration is yet to be made.
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