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Financial Literacy centre opened in Dharmapuri
F.R. Joseph, Regional Director, Reserve Bank of India, unveiling a plaque to mark the inauguration of a Financial Literacy and Credit Counselling Centre in Dharmapuri on Tuesday. –
Dharmapuri: A Financial Literacy and Credit Counselling (FLCC) centre, under the aegisof the Indian Bank Trust for Rural Development, was inaugurated by the Regional Director of Reserve Bank of India, Mr F.R. Joseph, here on Tuesday.
He also inaugurated the first biometric ATM and an exclusive Microsate branch to cater to the needs of the SHG members.
Indian Bank is the lead bank in Dharmapuri and Krishnagiri.
Mr. Joseph asked women members of SHGs to make use of this good opportunity to upgrade the standards of their life.
He saidthe FLCC concept was introduced to facilitate financial inclusive growth among the rural poor, especially farmers.
A.S. Bhattacharya said that with the financial inclusion and microfinance ‘Vicious Cycle of Poverty into Virtuous Cycle of Prosperity.
He said Indian Bank considered creation of such exclusive outfits would help the downtrodden.
Financial literacy was a pre-requisite for financial inclusion. FLCC serves as one-stop shop for the common man, to make them understand financial products offered by banks and other financial institutions.
A senior personnel from SBI will man the centre. He will guide farmers, SHG members and the general public on various financial products, investment portfolio etc.
Mr. Battacharya said that the bank has so far disbursed Rs. 2054.17 crores to 2.78 lakh SHG groups. To a question, he said Indian Bank’s lending rates were high because, its cost of fund was high. The rates were low for private banks because they concentrated only in the urban and elite circle.
The bank has, so far, extended Rs. 375 crores as education loan to 46,237 students. It would reach its target of Rs. 400 crores well before March.
Dharmapuri Collector P. Amutha said that the district administration was initiating a research project on the way SHGs have improved the standards of life of women in the district.
She disbursed Rs. 5.20 crores as loans to 255 Self-Help Groups.
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