Nabard to adopt villages for development

Nabard to adopt villages for development

Kottayam: The National Bank for Agriculture and Rural Development plans to adopt villages for development purpose in a bid to ensure effective banking, according to Nabard Chief General Manager Bhawar Puri.

At a function organised to declare Kottayam as a complete banking district here, Puri said financial inclusion is not the end but the beginning of business opportunities to further increase the growth.

A large chunk of population is not participating in development process and 30% still depend on moneylenders, he said.

S Ramaswamy, Regional Director, Reserve Bank of India, in his key-note address said 12 districts reported 100% financial inclusion as on June, 2007. Two more districts will be covered before the end of this month.

The scheme was introduced with the intention of making every house in the district have access to the banks, thereby ensuring effective banking literacy.

Despite rapid expansion of banking sector, there were still wide gaps in availability of banking services in rural areas due to demand and supply constraints.