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Thursday, September 26, 2013

Vijaya Bank opens 10 branches in Mandya

As a step to strengthen financial inclusion (FI) in Mandya district, Vijaya Bank has opened 10 FI branches by upgrading the ultra small branches.

Vijaya Bank has been active in FI, especially in direct benefit transfer and electronic benefit transfer programmes of the Centre. The bank has so far covered 3,319 villages in the country under the above programmes through 330 rural brick-and-mortar branches and 669 business correspondent and ultra small branches.

Speaking at the financial inclusion outreach programme organised by Vijaya Bank in Adichunchanagiri in Mandya district, RBI Deputy Governor K.C. Chakrabarty stressed on the need for the rural people to move towards formal financial mainstream so that the excluded sections of society could get the benefits of banking services.

He also emphasised the need for inculcating the habit of savings among the rural people and called upon them to get credit facilities from banks to improve their living standards. He also lauded the efforts of Vijaya Bank in bringing the hitherto deprived sections of society into banking fold.

In his inaugural address, H.S. Upendra Kamath, Chairman & Managing Director, Vijaya Bank, said, “With this, the bank has now 45 branches in the district. The bank at present covers 1,369 FI / electronic benefit transfer villages through 245 business correspondent agents in the district.”

The bank has been disbursing every month, social security pensions – widow pension, old age pension and physically handicapped pension – to the tune of Rs 4 crore a month to around one lakh beneficiaries through business correspondent agents / smart cards in the villages. The bank is continuously spreading financial literacy in the district through its FI Resource Centre and FI Literacy Centres, he added.

As a part of the outreach programme, the bank has also rolled out Aam Admi Bima Yojana, a social security micro-insurance scheme for the weaker section beneficiaries under tie-up with LIC of India covering 2,437 beneficiaries. Vijaya Bank has also rolled out micro recurring deposit scheme for the FI beneficiaries wherein monthly instalments are collected through the business correspondent agents of the bank.

Source: thehindubusinessline


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