Central Bank of India begins Financial Inclusion Initiative in Khanpur of Gujrat

Public sector bank Central Bank of India has taken a lead by starting its first financial inclusion initiative in Gujarat’s Khanpur village. Total of 166 villages allotted by Central bank of India in the state of Gujarat for implementation of Financial Inclusion.

At the initial stage the Bank has focused on Anand District, wherein it has been allotted total of 21 villages for Financial Inclusion on pilot basis to cover 6 villages namely Khanpur, Khorvad, Pratap pura, Kherada, Khankuwa and Dhagjipura. The total population of these villages is above 2000 and total numbers of household are more than 3700.

M/s Setu Seva Bharti Trust has been appointed as Business Correspondent and M/s IL & FS have been appointed as Technology partner. The Bank has selected Khanpur village for Financial Inclusion through Mobile banking and at initial stage Business Correspondent was successful in opening more than 2000 ‘No Frill Accounts” in all these 6 villages.

Central Bank is perhaps first in the state of Gujarat to do so after the Reserve Bank of India and the Government of India made it mandatory for public sector banks and private banks to implement financial inclusion plans