RBI adopts Kulavaipatty village under outreach activities

PUDUKKOTTAI: The Reserve Bank of India (RBI) has declared Kulavaipatty village in Pudukkottai district as a ‘model village’ for fi nancial inclusion’ among the rural pockets selected by it under its outreach activities. According to N S Vishwanathan, Regional Director, Reserve Bank of India, Tamil Nadu and Puducherry, RBI has identifi ed a few villages as either ‘unbanked’ or ‘under-banked’ areas under the ‘Outreach Activities’. Tracing the fi nancial backwardness of the villagers, he said a survey was conducted by RBI a year ago. Those with a population of 1,911 persons, most of them below poverty line, fall under the service area of Indian Bank’s branch in Pudukottai. Only 101 persons had opened bank accounts by the end of August last year, he said. He said Indian Bank had recently appointed a ‘business correspondent’ exclusively for a village which opened 820 new accounts and distributed 312 smart cards to villages. “All 567 households in six hamlets of the village have been covered under the savings bank account services with some bank or the other in Pudukottai,” he added. Vishwanathan said fi nancial literacy programmes were also held in the village to benefi t students, women members of Self-Help Groups. A quiz programme was organised. A soiled note exchange programme was held to benefi t the villagers. Indian Bank had exchanged soiled and damaged currency notes worth Rs 3.25 Lakh a few months ago.