SBI launches country's first 'Tiny card' scheme

Aizawl, Nov 13: The State Bank of India launched its 'tiny card' scheme for the first time in the country here today.

SBI Chief General Manager(agriculture and business) Mrs Soundara Kumar said the aim was to provide facility to customers in remote parts of the state.

Accordingly customers have the facilities of both saving and drawing cash in their villages without going to any SBI branch. Ms Kumar said tiny card holders were eligible to get small loans and some other facilities being enjoyed by the depositors in the SBI.

"Under the scheme the customers are required to deposit a minimum of Rs 50 and maximum Rs 50,000 with the rate of interest being 3.5 per cent pre annum for which the depositors will be issued tiny card," she said adding the maximum amount of withdrawl at a time is Rs 5000.

'Tiny card' scheme was initially launched at Seling village on the outskirts of Aizawl to facilitate the poorer sections and soon it will be implemented in 50 other villages.

UNI