Central Bank starts 1st fin inclusion initiative in Guj

Public sector bank Central Bank of India is all set to start its first financial inclusion initiative in Gujarat's Khanpur village tomorrow, a top bank official said today.

Financial inclusion consists of providing banking services at affordable costs to weaker sections of the society or the unbanked segment, which does not have any access to formal banking system.

"Central Bank is perhaps first in the state of Gujarat to do so after the Reserve Bank of India and the government of India made it mandatory for public sector banks and private banks to implement financial inclusion plans," U Mohapatra General Manager of the Central Bank of India-Gujarat state told PTI.

Executive Director of the bank R K Dubey will inaugurate the banks' first financial initiative at Khanpur village in the presence of other senior officials of the RBI and NABARD.

At present, financial inclusion experts believe that an estimated 60 per cent of the Indian population does not have an access to formal banking facilities.

During his first ever visit to the city, Dubey will meet leading industrialists, businessmen, corporate world leaders and head of government bodies for discussing the future plans and strategies of the bank in meeting future challenges, Mohapatra added.