NEWS & ADVICE : SAVINGS ACCOUNTS
PSBs asked to reexamine activities done on fin inclusion accounts
By Neelima Shankar
Oct 8, 2012
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The government has asked all the public sector banks (PSBs) to review their activity level in Financial Inclusion accounts. "It has been decided to review the activity level in FI (financial inclusion) accounts in villages having population of over 2,000 on quarterly basis ....," said by the Finance Ministry in a communication to the heads of the state-owned banks.

In order to ease direct transfer of subsidy under central schemes, the PSBs were asked to see to it that every family should at least have one account in the country.

The government further said that information received after the review should be given to the Department of Financial Services on quarterly basis which should be done within the seven days from the ending of the quarter.

In order to extend banking facility in the remote unbanked villages, a campaign ‘Swabhimaan' was launched in 2010-11 with an aim of delivering financial services at affordable costs (Financial inclusion).

Under this campaign, around 3.25 crore bank accounts were opened in the villages with the population of over 2000.‘Ultra Small Branches' were asked to be opened in these villages by the banks where bank official visiting them once a week.

According to the census of 2011, 58.7% of households were using the banking facilities. But the banking services were still not availed by around 10 crore households as per the survey.


 


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