Smart card banking launched

Milk chilling plant promised

Indian Overseas Bank organised a Mupperumvizha including the inauguration of farmers' clubs, launching of smart card banking and distribution of priority credit loans on Wednesday at Sekkarakudi village in the district.

The programme was presided over by Nupur Mitra, Executive Director, Indian Overseas Bank. K M Thirunavukkarasu, bank Chief Regional Manager, welcomed the gathering.

Ms. Mitra, in her inaugural address, explained the advantages of smart card banking, which provides banking facilities to the villagers at their doorsteps.

The villagers can both deposit and withdraw upto Rs.2000 from their savings bank accounts. M R Natarajan, Manager (District Development), NABARD, pointed out that the villagers and bankers were being benefitted by forming farmers' clubs.

He also suggested that the banks could outsource some of its functions to farmers' clubs. The farmers can also use banks for increasing their production. K Narayanan of Tata Consultancy Services demonstrated withdrawal and remittance with a smart card.

G Christhudhas, Deputy Registrar (Milk Production), promised to set up a milk chilling unit at Sekkarakudi if milk production exceeded 5,000 litres.

During the programme, two clubs _ Varadharajapuram Farmers' Club and Natham Farmers' Club _ were inaugurated.

Smart card banking service was launched at Singathakurichi and Ellanayakenpatti. Indian Overseas Bank, Sekkarakkudi branch released a loan for one load carrier , dairy loans to 46 members and SHG loans to 14 members amounting to Rs.25 lakh.

P V Mani, Manager, Indian Overseas Bank, Sekkarakudi, proposed a vote of thanks.

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