All adults in the Ernakulem district of the Indian state of Kerala reportedly are expected to have bank accounts by September as a result of a campaign by banks in the district to have those excluded from banking services, access bank accounts, credit, remittance services and microinsurance policies. As of July 12, 2012, an estimated 20 percent of adults in the district are without bank accounts.
According to a statement attributed to Mayank Mehta, deputy general manager of the state-controlled Union Bank of India, the campaign falls under the bank’s Meaningful Financial Inclusion project, which aims to provide bank accounts to those excluded from banking services. In addition, Union Bank will open Financial Literacy and Credit Counselling Centres (FLCCs) to support those without knowledge of financial issues.
By Brett Cohen, Research Associate
About Union Bank of India
Union Bank of India is a public-sector bank based in Mumbai, India. The Indian government owns 55 percent of the bank’s share capital. Union Bank of India offers a range of financial services to individuals, small and medium-sized enterprises and corporations. In 2011, it reported revenue of USD 3.4 billion.
Sources and Additional Resources
Moneylife.in press release: “All adults in Ernakulem district to be bank account holders by September”
http://moneylife.in/article/all-adults-in-ernakulem-district-to-be-bank-…
MicroCapital.org story, May 15, 2012, “MICROCAPITAL BRIEF: Union Cabinet of India to Present Microfinance Bill to Parliament,” https://www.microcapital.org/microcapital-brief-union-cabinet-of-india-to…
MicroCapital.org story, April 26, 2012, “MICROCAPITAL BRIEF: RBI Wants Microfinance Institution Deposit-Taking Cut from Micro Financial Sector Bill,” https://www.microcapital.org/microcapital-brief-rbi-wants-microfinance-in…
MicroCapital.org Universe Profile: Union Bank of India
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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