The village adoption programme for financial inclusion programme by Reserve Bank of India launched about five years ago has facilitated people of Paluvanji near Marungapuri to utilise various banking services.
The appointment of business correspondents by the Marungapuri and Pirampatti branches of the Indian Overseas Bank has proved to be a boon for them.
The village had remained neglected without any banking service and the adoption has brought about economic growth and development, according to bank sources.
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The adoption has facilitated people to open 802 savings accounts, most of them the beneficiaries under the Mahatma Gandhi National Rural Employment Guarantee Scheme. Eleven joint liability groups have been formed while women had floated 17 self-help groups. A total of 245 farmers have benefited through the Kisan Credit Card with credit linkage for Rs. 66.93 lakh, since the adoption.
With a view to ascertaining the impact of adoption programme, a team of bank officials led by S. Raja, General Manager of Reserve Bank of India, visited the village on Thursday and interacted with the people of the village who had now turned depositors by opening savings accounts with the branches of Indian Overseas Bank.
A cross-section of people went down the memory lane and recalled the efforts by Usha Thorat, the then Deputy Governor of Reserve Bank of India, in adopting the village. Till then, they depended on money-lenders.
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Mr. Raja cautioned the people of the village against money multiplier schemes offered by unregistered companies. He called upon the Business Correspondents for creating awareness among the people of Paluvanji to utilise banking services not only for savings or recurring deposits but for all other financial products, particularly insurance and micro pension schemes.
S. Narasimhan, Chief Regional Manager, Indian Overseas Bank, spoke on various services available at the branches and appealed to the people of the village to utilise the same.
R. Seetharaman, Assistant General Manager, Reserve Bank of India, S. Suresh Kumar, Assistant General Manager, National Bank for Agriculture and Rural Development, and S. Prabhakaran, Lead District Manager, spoke on the impact of adoption by the Reserve Bank on the economy of people. They specifically underlined the advantages of joint liability groups for availing themselves of various credit facilities. Earlier, Mr. Raja distributed loans to three women self-help groups totalling Rs. 4 lakh and another Rs. 15 lakh to five Joint Liability Groups for setting up dairy farms.
RBI’s village adoption scheme benefits Paluvanji