The Hindu : Tamil Nadu News : REPCO Bank launches new deposit scheme

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Sunday, Nov 16, 2008
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Tamil Nadu

Tamil Nadu

REPCO Bank launches new deposit scheme

R Vimal Kumar

Tirupur: Repatriates Co-operative Finance and Development Bank Limited (REPCO Bank) has added a deposit scheme, ‘REPCO 40’, into the product portfolio this week to commemorate the 40th anniversary celebrations of the bank, according to S. Balan, Chief Manager, REPCO Bank.

Mr. Balan told The Hindu on Friday that the package would offer an annual interest of 12 per cent to senior citizens and 11.5 per cent to general public. “The interest rates are the highest among public and private sector banks,” he said.

Biometric cards

Mr. Balan said biometric cards would be introduced to the members of Self-Help Groups having accounts with the Tirupur branch. The cards would help even the uneducated members of the groups to carry out the banking transactions easily.

He said the bank’s Tirupur branch had planned to disburse credit worth Rs. 1.5 crore to women SHGs for various entrepreneurial activities during this financial year.

“A total of 216 women SHGs have been credit linked to the tune of Rs 1.94 crore with the branch here till October 31 this year since the SHG direct linkage programme was introduced in 2006,” he added.

R. Varadarajan, Executive Director of REPCO Bank, said the bank would commission core banking solutions in its entire branches in the State on November 19.

The migration to a fully computerised atmosphere would enable the customers to access various services offered by the bank through internet.

He said a total of 6,000 members of various SHGs had so far been enrolled into the micro pension scheme launched by the bank recently.

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