CHENNAI: Indian Bank, the State-level coordinator for banks in the Union Territory of Pondicherry with lead responsibility, launched a National Pilot Project for Financial Inclusion (NPPFI) on December 30, 2005 at Mangalam village, an adopted village of Indian Bank Villianoor branch, Pondicherry circle, to commemorate 100 per cent coverage of the village with banking services, says a bank release. The Chief Minister, N. Rangasamy, member of Parliament, M. Ramdoss, Chairman and Managing Director of the bank, K. C. Chakrabarty, and Regional Director, Reserve Bank of India, Chennai, F. R. Joseph, were present on the occasion.
Financial inclusion enables people to have connectivity with banking services through savings bank accounts with zero/minimum balance with no frills attached to it, overdraft facility ranging from Rs. 500 to Rs. 5,000 at affordable interest rates, general credit cards on the lines of Kisan Credit Cards, with maximum permissible limit of Rs. 25,000 per individual, insurance and other services.