In Mangalam village, every house has a bank account
PONDICHERRY: Mangalam village in Pondicherry has achieved the distinction of being the first village where every house has a bank account.
The 100 percent banking connectivity of the village was taken up by the Indian Bank, the lead bank in the Union Territory, after the Reserve Bank of India selected Pondicherry for the National Pilot Project for Financial Inclusion (NPPFI). The NPPFI is as per RBI's decision to make available a basic banking "No Frills" account either with nil or very minimum balance as well as charges that would make such accounts accessible to a vast section of population. At a function held in Mangalam, account books and general credit cards were handed over to the villagers.