Bank of India to open 40 lakh more no frill accounts by December

Banks initiative - Abhay - is ray of hope for debt ridden persons
Last Updated 10 October 2009, 15:49 IST

This is in addition to the existing 23 lakh no frill accounts in 138 locations.

Speaking to media persons here on Saturday, he said out of the 48 Lead districts, 100 per cent financial inclusion has already been achieved in 6 lead districts, viz., Raigad, Wardha and Sindhudurg in Maharashtra, Keonjhar in Orissa and Hazaribagh and Lohadaga in Jharkhand by opening SB ‘no frill accounts’ by all households. “In the remaining lead districts, the bank aims to achieve the financial inclusion by March 2010 in stages,” he said.


Stating that the Bank would open two Abhay centres — in Bangalore and Cochin soon — to assure protection and safety to members of the public irrespective of the bank in which they deal with. “The main objective of Abhay is to counsel people who are struggling to meet repayment obligations and helping in debt resolution. Besides, Abhay would also help in rehabilitation of borrowers in distress and create an awareness among the public about the financial management,” he said.

The scheme has received tremendous response from the public with 2,248 people benefiting in Mumbai alone. While 408 people benefited in Whardha, 393 benefited in Chennai and 1,353 people beneifted in Humbla (Bihar). “The counselling centres are being manned by former bank staff, retired government officials and volunteers who can contribute to the cause,” he said.

He also cited examples of how depressed people (after unable to repay huge loans) have been benefited from the scheme.


Narendra also said that the Bank would open another 75 branches by end of March. At the same time, the Bank would also recruit about 2,250 clerks and 1,000 officers.  Campus recruitments will be held in the month of December and January, he informed.

To a query on any plans to waive loans of farmers in the flood affected regions, Narendra said that the issue will be dealt case by case as the requirements of farmers in different regions are different.

He also informed that the Bank will open 12 more centres of RUDSETI type training institutes — Star Swarojgar Prashikshan Sansthan — to address rural unemployment. It already has 11 centres, he informed.

(Published 10 October 2009, 15:49 IST)

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