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Sunday, Nov 16, 2008
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Centres to extend financial advice

R. Arivanantham

Initiative taken on the recommendation of RBI
Farmers can approach the centres for free counselling

KRISHNAGIRI: Indian Bank, the lead bank in Dharmapuri and Pondicherry, is set to open Financial Literacy and Credit Counselling (FLCC) centres in both the cities on a pilot basis. Union Finance Minister P. Chidambaram is likely to inaugurate the centre at Dharmapuri soon.

Indian Bank Assistant General Manager and Dharmapuri Circle head G. Muthappan told The Hindu that the initiative is being taken on the recommendation of the Reserve Bank of India.

The RBI had instructed all banks to open such centres to educate unlettered people on credit facilities and financial services offered by the public sector banks and other financial institutions. This would ensure that such farmers would become aware of interest rates applicable for credit availed by them, Mr. Muthappan said.

He added that the FLCCs would provide free financial literacy and education by organising presentations on financial products and services to target groups, helping the poor in household cash management and providing credit counselling. One-to-one credit counselling for debt swap/restructuring/fresh loans would be available.

These centres would be manned by retired bank officers or those well-versed in financial and banking activity.

The farmers could approach the centres for free counselling. The sponsoring bank would bear the expenditure on running the centres.

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