Indian Bank launches variable RD product
Indian Bank on Thursday launched a variable recurring deposit product for its rural customers covered under financial inclusion.
Launching the facility in Maligaimedu (Cuddalore zone), Indian Bank CMD T M Bhasin said the bank accords top priority to providing services to the rural poor and the unreached through financial inclusion. The bank disbursed loans amounting to Rs 51.08 lakh to 46 beneficiaries on Thursday, apart from issuing smart cards.
Under the FI project, Indian Bank, which has over 1,900 branches in India, expects to cover around 5,500 villages. Banking services have been provided to all the 1,511 villages with population above 2,000 allotted to the bank. The bank has also introduced mobile banking services in five states covering 45 villages.
He added that about 300,000 no-frills accounts have been opened as of July 2011, in the FI villages. Under the ICT-based smartcard-enabled banking correspondent model, 253,000 no-frill savings accounts have been opened and 217,000 smartcards have been issued to the beneficiaries.