NEWS & ADVICE : PERSONAL LOAN
UP gets Mobile Micro Loan Factory by BoB for financial inclusion
By Vaibhav Aggarwal
Mar 24, 2010
Print    Email    RSS   

A Mobile Micro Loan factory (MMLF) has been launched by Bank of Baroda (BoB) in Sultanpur district of Uttar Pradesh.

The launch has been denominated to be a part of the financial inclusion drive of the bank. The mobile lending unit would focus on Self Help Groups (SHGs) so that they are able to receive credit easily and at low interest rates. Through this these entities would not have to succumb to non institutional lending from money lenders.

The bank has also launched a Financial Literacy and Credit Counseling (FLCC) centre at Amethi. This center would have a prime aim of advising people on their financial requirements. This way the bank has put a commendable step forward towards spreading financial literacy in the unbanked regions of the country.

These MMLF and FLCC are the second ones to be installed in UP after Rae Bareli.

"We are taking all steps to enable the people living in rural areas avail of easy credit to save them from falling into debt trap due to ignorance of various financial products available in the market," BoB executive director N S Srinath said.

He added that the State Level Bankers' Committee (SLBC) has set up an objective of achieving total financial inclusion of the villages of UP having a population of more than 2000 in the year 2010-11.

The Finance Minister has also proposed in the Union Budget 2010-11 that the banks should aim at reaching the unbanked regions of the country and lead the country towards total financial inclusion by the year 2012.

Several banks have taken this initiative. PNB has set up a biometric ATM at one place. SBI has also provided financial benefits to the rural people at many parts of the country.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Carnival of Indian Personal Finance Blogs #6
Do rising NPAs reflect an ailing banking...
Carnival of Indian Personal Finance Blogs # 7
Plan for your retirement
Is the Base Rate system really transparent?


HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive