Car loan lender, Indian Overseas Bank needs people to open more savings bank accounts as a part of its financial inclusion plan. By this the bank plans to educate people about the advantages of banking.
RBI has told all banks to make attempts to widen banking services to all parts of the country whose population is 2000 and more by March 2011.
The steps recommended for the same by the apex bank were starting new branches, extension counters, collection centres, or hiring business correspondents/business facilitators to reach the goals.
The bank will offer no frills accounts to the customers. Also, Assistant GM of IOB, D.P. Balasubramanian, introduced smart card banking service at Arittapatti, Madurai lately.
The bank would offer smart card service to 27 villages in Madurai district and 21 villages in Virudhunagar district by end of December.
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