Andhra Pradesh - Vijayawada   

NABARD holds meet

VIJAYAWADA: The National Bank for Agriculture and Rural Development (NABARD) organised a district-level meet on “Total Financial Inclusion” here at the Indian Bank Staff Training Centre on Saturday.

On the occasion, NABARD AGM N. Madhumurthy said that the bank constituted two funds — financial inclusion fund (FIF) and financial inclusion technology fund (FITF) – with a corpus of Rs. 500 crores each.

The funds were meant to meet the cost of technology adoption and developmental and promotional interventions to ensure financial inclusion particularly among weaker sections and low income groups.

Mr. Madhumurthy suggested to the bankers to prepare an action plan to achieve 100 per cent financial inclusion by December 31 in Krishna district so as to make available at least one basic ‘no frills account’ either with nil or very minimum balance to all financially excluded people.

The meeting also discussed the mechanism for transfer of funds and payment systems for low-income group persons to ensure financial inclusion.

Some bankers shared their experiences in technology adoption and outsourcing interventions like appointing banking facilitators and banking correspondents.

DRDA Project Director J. Srinivasu, DWMA Project Director Hanuma Naik and Andhra Bank DGM T. Ramakanth and others were present.

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