South Malabar bank introduces no-frill accounts

Palakkad, Jul 29 (UNI) The South Malabar Gramin Bank has introduced no-frill accounts with no balance money needed to open an account.

Talking to newspersons, bank chairman N S Bose said the new scheme was introduced as per the Reserve Bank of India guidelines that all cooperative banks should introduce no-frill accounts to help the poor living in villages.

He said the bank would finance up to Rs three lakh at seven per cent intrest to farmers so as to save them from the clutches of money lenders.

The Bank would also open 15 new branches, including one at Thiruvananthapuram.

UNI AR ROY PAG1745