Tamil Nadu - Madurai   

Banks on overdrive to open new accounts

MADURAI: The ‘open bank account drive’ initiated by the Reserve Bank of India to tap non-account holders has generated a good response in Madurai district.

More than one lakh new bank accounts were opened in various banks during the last two months alone, thanks to concerted efforts of the district’s Lead Bank, Canara Bank.

This drive is taken up under Total Financial Inclusion (TFI) scheme of the country’s apex bank. The exercise is intended to extend the reach of financial services to every household. A survey, which preceded the drive, found that about 2.2 lakh persons in the district did not have bank accounts but were willing to open one.

Corporation limits, six municipalities, 12 town panchayats, 13 blocks and 431 panchayats have been divided among various banks, depending upon the presence of bank branches.

The task of opening accounts has been entrusted to the branches in the respective area.

Lead District Manager KN. Subramanian said that the target would be achieved soon.

“Makkal Nala Paniyalargal, attached to respective panchayat unions, has been roped in to open accounts. The bank branch concerned pays Rs.5 per account to the person who facilitates opening of the account.”

The help of self-help groups and non-governmental organisations have also been called for along with that of community organisations of the Madurai Corporation.

The Collector had given a directive to all officials to ensure implementation of TFI, he said.

Branch managers were going on a door-to-door campaign and opening bank accounts on the spot.

Photographs would be taken on the spot, the cost of which would be borne by the bank, and passbooks for ‘no-frills zero-balance’ accounts were issued on the spot, said Mr. Subramanian.

A review meeting will be conducted after obtaining confirmation from all bank branches that accounts have been opened, after which Madurai district would be declared as having been brought under Total Financial Inclusion.

“All future Government economic welfare schemes will involve the use of cheques. Bank accounts will go a long way in ensuring that the benefits reach the beneficiaries in full,” he added.

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