Financial inclusion scheme succesful: RBI official

PUDUCHERRY: The Indian Bank's 'financial inclusion' scheme launched in Puducherry in 2005 has now become successful with around 17 million 'no fril accounts' opened across the country, Deputy Governor of Reserve Bank of India Usha Thorat said.

The 'financial inclusion' scheme started in the Union Territory of Puducherry for the first time in the country had registered cent per cent success, she said, while inaugurating the Financial Literacy and Credit Counselling centre of the Indian Bank here today.

Deposits under this scheme were fully guaranteed and were protected under Deposit Insurance Corporation, she added.

Financial inclusiveness also provided scope for borrowing money for 'household activities, educational requirement for the children and livelihood protection activities.'

She also inaugurated Indian Bank's self employment training institute and microsate branch here, which has bio metric ATM facilities for microfinance.

Speaking on the occasion, Chief Secretary to Puducherry government Chandramohan said the introduction of the new facilities in Puducherry was a recognition of the congenial environment of Puducherry becoming a 'knowledge hub'.