State Bank of India- Financial Inclusion Programme
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Financial inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society including vulnerable such as ultra poor, widows and weaker sections and low income people in particular at free of cost for opening a saving account. In this respect, SEEDS provide financial services to people in 45 villages of Virudhunagar district as BC model banking in association with State Bank of India from 2011-12, the progress of SEEDS in this respect is a remarkable one.
SEEDS provided banking services to village people by running CSP centers in 8 villages, 20253 account holders are using SBI bank services, 665 old aged pension holders and 8900 NREGS workers benefitted. And also more than 1500 Recurring Deposit holders, 10 Fixed deposit accounts and Jewel loan are also given to account holders by linking to the main branches at Aruppukottai, Thiruchuli, Kariyapatti, Mallankinar and Naloor. SEEDS plays the role of facilitator promoting transparency and prevention of any misappropriation/pilferage in the transaction of financial entitlement to the poor and marginalized in rural area. |
These centers are well utilized by the village people as they need not go to towns for bank facilities. so, this is a successful model in this area and is the first most effort in such banking activity. The purpose of this RCSC is, the bank services must reach the almost rural people without any cost. The villages have population more than 2000 people. The activities and accounts are known as no frill mode. The objective is providing bank services to all.
The features of the CSP are as follows,
The features of the CSP are as follows,
- Account opened by single individual only near to place of customer
- Service available at Customer Service Centres (CSC) of bank appointed customer service point (CSP)
- Account opened with nil (Zero) balance, Maximum balance Rs.50000/-
- Total of daily cash deposit/withdrawal – Max.Rs.10000/-
- Liberalized KYC norms as per RBI guidelines for “ no frill accounts”Customer identity card issued having customer name, address and photograph.
- Statement of account issued on the request of Customer.
- Nomination facility available