Axis Bank launches its 'Financial Inclusion' programme in Nashik

With an aim to provide banking services in those tribal and remote areas of the country which are still deprived of banking services, Axis Bank Ltd has launched its Financial Inclusion (FI) programme in 29 tribal villages of Nashik district through the rollout of its No Frills ‘Azadi’ accounts.

The bank, which has tied up with seven local rural co-op credit societies under its Financial Inclusion project, has set the target of 10,000 accounts by March 2011 across these 29 tribal villages under four village blocks- Surgana, Kalwan, Deola and Saptashringi Garh in the district.

“As part of our ‘Financial Inclusion Programme’, we will extend basic banking facilities to a population of 1.8 lakh spread across 29 villages in 4 village blocks by providing them no frill accounts. The technology platform is enabled to accept recurring deposits and small value loans, which may be offered whenever the need arises. Enablement for providing small value remittances and third party products is currently on,” S K Mitra, President, Retail Banking, said at a press conference.

The bank has tied up with seven rural co-operative credit societies as Business Correspondents (BCs) which will facilitate in customer enrolments and act as service centres to facilitate cash in/cash out transactions. The account-holders will be provided with bank issued VISA Debit cards that can be used at any Visa designated ATMs and merchant outlets.

“We have enrolled 200 customers so far for the Kalwan project and hope to have 10,000 accounts by March 2011 across these 4 village blocks. Pan India, we are expecting 18 Lakhs No Frill accounts through our FI initiative by the end of the current FY 2010-11, which would include the EBT accounts for disbursal of government grants. Financial Inclusion is a very important initiative on the bank’s part and will be our constant endeavour to make it successful. The bank is considering multiple technology options like bio-metric Smart Cards, EDC Machines with Debit Cards issued in a closed user group and mobile based FI”, Mitra said.