Complete financial inclusion in Palakkad

State Bank of Travancore (SBT) has achieved 100 per cent financial inclusion in Palakkad district by opening 23,097 new accounts.

The bank has organised a massive campaign for this by conducting surveys, identifying target families and collecting applications with the help of Kudumbasree project, Panchayat authorities and agriculture department.

All the 28 branches of SBT in Palakkad district opened 17038 'No Frills' account during July - September period.

According to a release issued by the bank even though the accounts were opened with zero balance, most of these accounts are getting enriched mainly due to thrift habit nurtured by Kudumbasree among the households.

As per the guidelines of Reserve Bank of India (RBI) Palakkad district was identified to implement the pilot project on the 100 per cent financial inclusion by opening 'No Frills' account or zero balance accounts.

All other commercial banks are also participating in the pilot project.