Over 21 lakhs no frills accounts opened in 11 districts

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Bangalore, Sep 25 (UNI) Under the cent per cent financial inclusion programme 21.21 lakh 'no frills accounts' have been opened in 11 districts in the first phase of FIN-INC in Karnataka, Ms Devaki Muthukrishnan, Regional Director, Reserve Bank of India (RBI), said today.

Speaking at the state level award distribution function for best performance under SHG-Bank linked and farmers' clubs programme organised by NABARD here, she said that with the concerted effort of banks, government departments and cooperative institutions, the first phase of FIN-INC had been completed. NABARD had played a pivotal role in achieving the feat, she said.

The official said that thanks to NABARD's sustained efforts and constant endevour had ushered in integrated rural development leading to equitable growth, diminished rural impoverishment, increased rural employment opportunities and a stronger rural economy.

"The initiatives and schemes launched by NABARD have contributed in large measure towards empowerement of the women folk of our country which in turn brought peace and prosperity in the rural households" she said.

Due to the recent initiatives of the Union government, the flow of credit to agriculture had increased and it also helped to improve its growth to little over 2 per cent. "To ensure sustainable overall growth in the country, it is critical to have inclusive growth" she said.

Mr Deepak B Gore, Chief General Manager, NABARD who also spoke on the occasion has informed that a strategy was evolved to focus in ensuring enough credit flow into SHG's to entertain entrepreneurship development among them. "All the nationalised banks have also shown overwhelming response for the NABARD proposal as there is enough space for more service providers in the micro finance sector," he said.

UNI

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