Lakshmi Vilas Bank implements Financial Inclusion

Chennai, Mar 23: Lakshmi Vilas Bank, has announced to implement 'Financial Inclusion" in Tamil Nadu through an extension of its banking services by appointing an intermediary, termed as 'Business Correspondents" across the state. Listed on the BSE, it is a south India based bank with market capitalization worth Rs 938.18 crores.

The bank plans to increase its reach to the underprivileged sections of the society. These intermediaries will be chosen from the likes of NGOs, Self Help Groups, Micro Finance Institutions and other Civil Society Organization (CSOs).

The state level banker's forum, State Level Bankers" Committee (SLBC) of Tamil Nadu, has allotted 53 villages to Lakshmi Vilas Bank for promoting financial inclusion. These 53 villages are spread over 18 districts and are connected to 42 branches of Lakshmi Vilas Bank in Tamil Nadu state.

Speaking on this occasion, Mr PR Somasundaram, MD & CEO, Lakshmi Vilas Bank said, that his bank is extensively involved in social sector lending throughout the Country. "Over two lakh customers directly benefit from our social sector lending programme", he said. Further adding that Lakshmi Vilas Bank will be making available a wide range of financial services to every individual particularly weaker sections and low income groups.

For implementation of Financial Inclusion solution, Bank has tied up with Atom Technologies Limited, to act as business correspondent and technology services provider, who will appointing the CSP (Customer Service Point) for the bank. Mr Dewang Neralla, Director – ATOM technologies said, "it is a great privilege and honour to be the technology partner to Lakshmi Vilas Bank as part of this initiative."

OneIndia News