Canara Bank’s Campaign

Canara Bank’s campaign vehicle on its schemes and activities, including financial inclusions. Coimbatore is among the districts in the State that have achieved total financial inclusion. Under the guidance of the lead bank, which is Canara Bank, a campaign began on July 1, 2007 and it was completed by February.

Nearly 10.40 lakh households were surveyed and it was found that members of 6.78 lakh of them had accounts.

The financial inclusion programme involves at least one member of every household in the district getting to have a savings bank account. According to an official of the lead bank, banks facilitate the process of opening accounts, even with zero initial balance. However, no household is compelled to open an account. The whole process creates awareness among consumers on banking.

As many as 42 nationalised, private sector and new generation banks participated in the campaign and over 1.12 lakh households have opened new accounts. Nearly 10.40 lakh households were surveyed and it was found that members of 6.78 lakh of them had accounts. About 2.50 lakh of them were unwilling to open accounts and the rest were covered under the programme. No-frills accounts with zero initial balance were permitted.

The 206 branches that participated in the campaign mobilised savings of over Rs. 2.40 crore. The official adds that account operation is an option and that it can be encouraged in the second phase. With the opening of an account, they can start using other banking facilities such as loans. Some banks have gone ahead with this. They have distributed general purpose credit cards or extended loans. “Customers should slowly start using the other banking facilities,” he says.

Related Posts by Categories

banking news

• Max newyork wins award !
• TIIC loan mela pulled 500 participents !
• Interest for jewel loan reduced
• Interest for jewel loan reduced
• United India Insurance opens service hub ..
• Industries in south districts owe Rs 50k cr to banks
• ICICI Securities starts trade service
• SBI opened its SME Branch !
• Bank of India to cover all branches under core banking
• BOI Going To Cover All Branches Under Core Banking
• CUB opens new branch ..
• BOB sets up regional back office at CBE
• `SME Meet’ - By Corporation Bank
• Employees Of SBI Associate Banks Held Demonstration
• SIB Board Meeting Held In Coimbatore
• ICICI Prudential Life Insurance Launched New Product
• PNB Plans More ATM & Branch
• Axis Bank Has Aggressive Plans To Expand Its Branch
• Axis Bank Expanding Its Network
• Bank Branch Day Celebrated
• SBI Launched ‘Grameen Shakti’ Insurance Scheme
• IOB Launched Sampoorna Scheme
• Beneficiaries Of The Joint Liability Group
• IDBI Opened Brance At Xcut Road
• Police Started Investigations On ICICI Case