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IDBI Bank today launched the ‘Urban Financial Inclusion Programme’ (UFIP) in Mumbai to expand its banking facilities to those financially excluded in urban areas.
It aims to begin by initiating liability business, by offering savings bank and current account facility, recurring deposits and fixed deposits for the local people. There is scope for providing insurance and investment services to the people by imparting financial literacy, the public sector bank said in a statement.
According to the bank’s assessment, over 2,500 washermen labour, among other residents, operating in the Dhobi Ghat area (where the programme was launched) in Mumbai , have variable income levels and require remittance facility to their family or relatives outside Mumbai on regular basis.
As part of the UFIP, accounts with limited or relaxed KYC would be opened and smart cards would be provided to customers to do deposit, withdraw and remit money through business correspondent model.
In addition, remittance facility through National Electronic Funds Transfer (NEFT) and M-Remit through the Interbank Mobile Payment Service (IMPS) would be provided to the customers in the area, the bank said.
“UFIP has been introduced with the view to uplift the urban poor. Financial products such as remittance, loans and savings account are the foremost needs of the urban poor. Managing savings is critically important but often neglected leading to absence of a secured source of finance,” said Reserve Bank of India’s Deputy Governor, K C Chakrabarty.
At present, IDBI bank has an overall network of 1,016 branches and 1,595 ATMs.
Beena.parmar@thehindu.co.in
It aims to begin by initiating liability business, by offering savings bank and current account facility, recurring deposits and fixed deposits for the local people. There is scope for providing insurance and investment services to the people by imparting financial literacy, the public sector bank said in a statement.
According to the bank’s assessment, over 2,500 washermen labour, among other residents, operating in the Dhobi Ghat area (where the programme was launched) in Mumbai , have variable income levels and require remittance facility to their family or relatives outside Mumbai on regular basis.
As part of the UFIP, accounts with limited or relaxed KYC would be opened and smart cards would be provided to customers to do deposit, withdraw and remit money through business correspondent model.
In addition, remittance facility through National Electronic Funds Transfer (NEFT) and M-Remit through the Interbank Mobile Payment Service (IMPS) would be provided to the customers in the area, the bank said.
“UFIP has been introduced with the view to uplift the urban poor. Financial products such as remittance, loans and savings account are the foremost needs of the urban poor. Managing savings is critically important but often neglected leading to absence of a secured source of finance,” said Reserve Bank of India’s Deputy Governor, K C Chakrabarty.
At present, IDBI bank has an overall network of 1,016 branches and 1,595 ATMs.
Beena.parmar@thehindu.co.in
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