Vellallur village in Nagaroor panchayat does not have a bank. But even without one, residents here can now get basic banking services. The bank literally walks into their midst.

On Wednesday, M. Narendra, Chairman, and Managing Director, Indian Overseas Bank (IOB), inaugurated the business correspondent facility and issue of smart cards in Vellallur. The business correspondent, a person appointed by the bank, is equipped with a smart card reading machine and provided with funds for card holders to withdraw.

The facility has been launched under the financial inclusion programme taken up by the lead bank for the district.

A card holder can draw up to Rs. 2,000 per day and deposit cash of any amount with a business correspondent any day anytime without approaching the branch.

The facility can also be used for payment of wages under MGNREGS.

Addressing the inaugural function, Mr. Narendra said his bank was committed to the extension of the banking facility to rural areas and improving the flow of credit for rural development.

He added that IOB would provide loans for starting new ventures by Kudumbashree and other SHGs for employment generation by women. He also distributed loans totalling Rs. 1 crore under various schemes. Indira Padmini, Deputy General Manager, IOB, and Convener, Lead Bank, Bindu Ramachandran, Chairperson, Welfare Standing Committee, Kilimanoor Block Panchayat, S. Sushama, president, Nagaroor Grama Panchayat, V.R. Muralidhar, Lead District Manager and Abraham Shaji John, Senior Manager, IOB spoke on the occasion.

The business correspondent at Vellallur would function under IOB, Nagaroor branch.

As many as 10 villages in the district without banking services have been allocated to various banks. IOB was allotted Kurupuzha Village in Vamanapuram block and Vellallur in Kilimanoor Block.