Economic Advisory Council to the Prime Minister of India Chairman Dr C Rangarajan visited Soorinje and Paranki village in Dakshina Kannada district, to acquaint on implementation of Financial Inclusion and Branchless Banking Project by Corporation Bank.
On this occasion, Smart Cards for the identified villagers were handed over by Dr C Rangarajan.
The Bank, on a pilot basis, has started a new experiment - Branchless Banking in villages identified under Financial Inclusion Project. This in simple terms means providing basic banking services without having to open an expensive branch. This branchless banking service is run by the villagers and for the villagers. Each identified villager is given a Smart Card and one villagers is appointed as business correspondent who is given the branchless banking kit and imprest cash to dispense basic banking services.
Corporation Bank has completed survey in 576 villages across the country under Financial Inclusion Project. The Bank has completed 100% Financial Inclusion Project in its two lead districts of Chikmagalur and Kodagu districts. Corporation Bank Chairman and Managing Director B. Sambamurthy and others were present at the programme.