Central Bank launched special for villages

Dec 05, 2012 10:53 | Chandigarh

Central Bank of India reaches to the nooks and corners of India that still remain averse of the Banking Services

Chandigarh: Shri Malay Mukherjee, Executive Director, Central Bank of India, visited village Batur, under Barwala branch of the Bank in Panchkula District. Sh. Mukherjee has been appointed as the Executive Director of this prestigious, 101 years young nationalized bank on 4th November, 2012.


Earlier in the day, Shri Malay Mukherjee inaugurated the ATM of the Bank at Air Force Station, Barwala with a view to extend the facility to the air force staff of the station and local residents. Wing Commander Shri A. S. Sidhu was the chief guest at the function.


Speaking on the occasion, Sh. Mukherjee stated that Central Bank of India has launched a campaign for villages with a population above 2000 to provide them with basic banking services. The aim of this campaign is to take the banking to the doors of the people who still remain uncovered by the banking sector. Sh. Mukherjee also motivated the staff members present on the occasion and urged them to put their best foot forward in making the presence of Central Bank of India being felt strongly in the retail sector.


Shri B. Akbaraly, Zonal Manager, Central Bank of India, Chandigarh Zone, expressed his gratitude towards Shri Mukherjee for choosing the village of Batur for paying a visit despite the busy schedule. Shri Akbaraly also stated that the Village Outreach Program under the Financial Inclusion initiative would help the bank to make ‘A Connect’ with the people who remain averse of the banking facilities till date. With a view to reach the unreached people, Central Bank of India has launched this campaign to provide basic banking services in all the villages with population above 2000. There are 144 villages in the Chandigarh Zone comprising of four states of Punjab, Haryana, HP, J&K, and the UT of Chandigarh that fall under the Bank. These villages have been covered for the banking services through Business Correspondents empowered with technology suitable for rural areas.


Out of these 144 villages, 47 fall under the Chandigarh Region. In 6 villages out of these 47, the bank has opened full fledge CBS branches. In remaining 41 villages the Bank has opened Ultra Small Branches. The Bank would provide its services in the rural area through these USBs by the Business Correspondents and the officials of the base branch would visit these ultra-small branches at least once in a week.  Once the business grows in these USBs they would be converted into full branches.


Dr V.N. Pathak, Sr Regional Manager, Central Bank of India, Chandigarh Region stated that the Bank has adopted 20 villages in the first phase and remaining 21 in the next phase for making them as the model village extending total banking facilities, also taking care of the social and economic needs of these villages in an integrated manner. He also explained that Batur has a special status as this village has been jointly adopted by Central Bank of India and NABARD.


The scheme has been further extended to cover villages having population of 1600-2000. The number of villages falling under Chandigarh Region in this segment of population is 17, hence making the total count of the villages to be covered under the campaign as Sixty Four. Shri Pathak emphasized that Central Bank of India, during this year would endeavor to open one account per family so that benefits under EBT are provided directly into the account, thus standing true to its image of being the First Swadeshi Bank of India propagating Financial Empowerment. As per the new guidelines of RBI, the villages under this Financial Inclusion Initiative would be covered for the banking services by providing one Business Correspondent for a cluster of 3-4 villages. As a part of this campaign the bank would ensure that each family living in the service area of a branch having rural villages attached to it has an account with the branch/ Ultra Small Branch. For this purpose CKCC account also can be counted as an account and EBT can be credited to this account as well.