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IDBI Bank launches 'Urban Financial Inclusion Programme' at Dhobi Ghat

The initiative is in line with the directives of Ministry of Finance, requesting banks to cover urban poor, slum dwellers and inhabitants of urban/metro villages under Urban Financial Inclusion Programme

December 21, 2012 12:11 IST | India Infoline News Service

As a part of its new initiative, IDBI Bank has launched ‘Urban Financial Inclusion Programme’ (UFIP) at Dhobi Ghat near Mahalaxmi area in Mumbai so as to expand its banking facilities to the financially excluded people in urban areas. The initiative is in line with the directives of Ministry of Finance, requesting banks to cover urban poor, slum dwellers and inhabitants of urban/metro villages under Urban Financial Inclusion Programme.

 

The facility was inaugurated by Dr. K. C. Chakrabarty, Dy. Governor, Reserve Bank of India. Dr. Chakrabarty commended the initiative and appreciated IDBI Bank's efforts in reaching out to the urban under banked populace. On the occasion, Dr. Chakrabarty said “UFIP has been introduced with the view of up liftment of the urban poor. Government of India and Reserve Bank of India are of the opinion that UFIP is indispensable for the growth of the country at large. The financial products like remittance, loans and savings account are the foremost needs of the urban poor. Managing savings well by the urban poor is critically important but often neglected leading to absence of a secured source of finance to meet life cycle as well as investment needs. By undertaking this initiative, IDBI Bank is indeed doing a praiseworthy job of addressing this gap in the accessibility of financial services and financial literacy.”

 

Based on an internal assessment of the business potential in the area, it was observed that there are over 2500 washer men labour operating in the area. Though the residents have variable income levels, they lacked financial planning. The family residing in the area is also required remittance facility through NEFT, since many migrant labourers working in the Dhobi Ghat area need to remit funds to their family / relatives outside Mumbai on regular basis. Here, IDBI Bank aims to initiate liability business first, by offering savings bank and current account facility, recurring deposits and fixed deposits for local people.

 

There is scope for providing insurance and investment services to the people by imparting financial literacy. As part of the UFIP at Dhobi Ghat, accounts with limited / relaxed KYC would be opened and Smart Cards would be provided to customers to do all transactions, viz. Deposit, Withdrawal & Remittance through Business Correspondent Model. In addition, remittance facility through NEFT and M-Remit through the IMPS would be provided to the customers in the area.

 

Speaking on the occasion, R. M. Malla, Chairman and Managing Director, IDBI Bank said “We have taken a step towards a sustainable and inclusive growth, which is essential for building an equitable society. The step would play a pioneering role in promoting development of this great nation and its people, in harmony with the nation’s plans and priorities. IDBI Bank believes in offering novel services to its consumers, keeping in view a holistic societal development perspective. The “Urban Financial Inclusion Programme” reiterates this philosophy of the Bank.”

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