RESERVE BANK OF INDIA RURAL PLANNING & CREDIT DEPARTMENT THIRUVANANTHAPURAM

Transcription

1 RESERVE BANK OF INDIA RURAL PLANNING & CREDIT DEPARTMENT THIRUVANANTHAPURAM INITIATIVES BY THIRUVANANTHAPURAM REGIONAL OFFICE OF RBI 1. Initiatives on Financial Inclusion 2. Initiatives on Financial Education and Financial Literacy activities 3. Empowered Committee on RRBs 4. Empowered Committee on SME 5. Photo Gallery of RBI Meetings

2 2 1. Initiatives on Financial Inclusion The State of Kerala has achieved 100% Financial Inclusion and a declaration to this effect was made in the SLBC meeting held on December 24, 2007 by the Honorable Union Minister of State for Finance, Shri Pawan Kumar Bansal. Leadership role taken by RBI and the Convenor bank of SLBC (Canara Bank) to ensure coordinated efforts by banks, Government agencies, District Administration, NGOs and others towards achieving this goal was appreciated. Meetings Convened by RBI The RBI conducted three meetings for financial inclusion. The first meeting was held on July 13, 2007 for briefing Lead District Managers and banks regarding the process of achieving 100% financial inclusion in the State. The second meeting was held on February 4, 2008 in which the private sector banks were impressed upon the need of their active participation in the process of financial inclusion and various other developmental programmes. The third meeting was held on February 8, 2008 to advise the banks to sustain 100% financial inclusion and to carry forward the process to the second stage for giving boost to the campaign for financial literacy / financial education, opening more credit counseling centres, liberal sanctioning of General Credit Card (GCC), popularizing the concept of 'Money Lenders Free Villages' and taking the help of business facilitators / business correspondents in this regard. 2. Financial Education and Literacy activities a. Financial Education Cell A Financial Education Cell has been opened in our office to consolidate and disseminate the various efforts and initiatives taken by us as well as the banks in Kerala in financial literacy. The Cell lays particular emphasis on financial reading material brought out in Malayalam.

3 3 b. Translation of Summary of the Annual Report of Reserve Bank of India for the year in Malayalam A summary of the Annual Report of Reserve Bank of India for the year in Malayalam was brought out by our office and it was released in a special function in which senior bankers, members of the academic community as well as representatives from the media, trade and industry participated. The event which came in for special appreciation was widely covered by the media in the State. c. Participation in International Book Fair at Kochi Our office, in coordination with our Kochi Sub-Office, put up a stall in the DC International Book Fair held at Kochi in February Several RBI publications, including brochures brought out by our office in Malayalam, were displayed for the benefit of the members of public. We were honoured by the visit of Dr. A.P.J. Abdul Kalam, former President of India, to our stall in the book fair. Our effort was well appreciated by a large number of visitors to the stall. d. Essay Competition for School Children An essay competition among the school children of the State of Kerala and the Union Territory of Lakshadweep was organized by the office to create awareness about financial inclusion. There was overwhelming response from the students to this competition. A befitting function was organized by our office for distributing prizes to the winners of the essay competition. The details of this essay competition and the prize winning essays are given separately. e. Encouragement to banks for adoption of Money Lender Free Villages To foster greater financial inclusion, some of the banks in the State have adopted some villages as "Moneylender Free Villages". South Malabar Gramin Bank, North Malabar Gramin Bank and South Indian Bank have adopted villages for the purpose. f. Participation in Seminar Rerserve Bank of India, Thiruvananthapuram participated in a recent seminar jointly organized by NABARD and Organisation for Women Empowerment and Rural

4 4 Development (OWERD), in coordination with South Indian Bank, to discuss the role of banks and the media in rural development. 3. Empowered Committee on RRBs The Reserve Bank of India has constituted an 'Empowered Committee on Regional Rural Banks' in September 2004 in its Regional Office at Thiruvananthapuram. Regional Director of RBI is the Chairman of the Committee. Other members of the Committee are, 1. Chief General Manager, NABARD, 2. General Manager, Rural Planning & Credit Department 3. Chairmen of South Malabar Gramin Bank 4. Chairmen of North Malabar Gramin Bank, 5. Convenor, SLBC, Kerala 6. Director Agriculture Department, Government of Kerala 7. Controlling Officials of Sponsor Banks, viz., Canara Bank and Syndicate Bank. Purpose: Initially, the Committee was set up to monitor the flow of credit to agriculture and allied sectors by the Regional Rural Banks and achieve target of doubling the credit to agriculture in three years. However, since September 2005, the committee has been given more powers to deal with applications for opening of new branches by the RRBs, merger, shifting of branches, make recommendations for grant / renewal of authorization to open/maintain NRO/NRE Accounts in rupees, to accept FCNR deposits, Limited Authroised Dealer Licence, opening of currency chest, etc. Periodicity At present, the committee meets at bi-monthly intervals. So far, the committee has met 25 times. The last meeting was held on May 09,2008. Approvals So far, the Empowered Committee has examined and recommended approval of 30 applications made by the two RRBs for opening of branches, 2 applications for opening of Area Offices, one application for opening of an extension counter, one application each for upgradation of extension counter and shifting of a branch out of which 12

5 5 approvals for opening of branches are pending with RRBs due to delay in finalizing the premises by them. The Empowered Committee also examined and approved the requests made by RRBs to open/maintain NRO/NRE Accounts in rupees and to accept FCNR (B) deposits. The 25 th meeting reviewed the performance of both the RRBs with respect to credit to agriculture /SME, lending under KCC and GCC, financial inclusion, scheme of adopting villages by RRBs to make them money lender free, opening of new branches, implementation of Government sponsored schemes like SGSY, SJSRY, launching of Farmer s clubs, setting up of Credit Counseling Centres, Financial Education and Financial Literacy etc. 4. Empowered Committee on Small and Medium Enterprises (SME) The Reserve Bank of India constituted an 'Empowered Committee on SME at the State Level in September 2005 in its Regional Office at Thiruvananthapuram. Regional Director of RBI is the Chairman of the Committee. Other members of the Committee are, 1. Director of Industries, Department of Industries and Commerce, Government of Kerala. 2. General Manager, Rural Planning & Credit Department 3. Convenor, SLBC, Kerala 4. GM, SIDBI, Ernakulam 5. Senior Level officers from SBT, SBI, Federal Bank, ICICI Bank having predominant share in SME financing in the state. 6. Senior level representatives from SME Associations in the state, viz., KSSIA 7. Senior level officer from Kerala State Financial Corporation 8. Senior level officer from Small Industries Development Corporation 9. Senior level officer from Chamber of Industries Purpose: To monitor at the State Level, the flow of credit to Micro, Small and Medium Enterprises sector and ensure doubling of the credit in five years, that is, before March 31, This committee is also to ensure rehabilitation of sick units in the sector. It will also coordinate with other banks / financial institutions and the state government in removing bottlenecks if any to ensure smooth flow of credit to the sector.

6 6 Periodicity At present, the committee meets at quarterly intervals. The first meeting of the committee was held on September 27, 2005 in the Regional Office of Reserve Bank of India, Trivandrum. So far, the committee has met seven times. The last meeting was held on June 20, Major Decisions: The important decisions taken in the meeting are as follows : 1. SLBC may develop a Region Specific Plan of Action for the State for ensuring smooth flow of credit to SME sector in consultation with Department of Industries and Commerce. 2. SLBC in consultation with the Directorate of Industries (DOIC) may convene a meeting of borrowers of SME sector / SSI Association at State level to elicit their field level problems. 3. SLBC may devise a format in consultation with local RPCD of RBI for capturing the data from banks in respect of SME finance. 4. Quarterly SLBC meetings may discuss the progress in the flow of credit to SME sector, as a regular agenda. 5. DOIC may impart training to new entrepreneurs in the SME sector. 6. SIDBI will give vide publicity to their CGTSI scheme. 7. District Level Committee may be formed at all the districts with GM, DIC as the Chairman. Lead Bank Manager and LDO, RBI may associate with the committees besides representatives from CII, KSSIA and major banks. 8. In the recent meeting held on June 20, 2008, Regional Director of RBI directed that SLBC may make a review of doubling of credit to SME sector by comparing with the figure of March 31, Also, the banks may submit their self set targets / achievements to RBI for a review. 5. Photo Gallery of RBI Meetings - **************************

7 7 RESERVE BANK OF INDIA RURAL PLANNING AND CREDIT DEPARTMENT THIRUVANANTHAPURAM Financial Inclusion Essay competition conducted by Reserve Bank of India, Thiruvananthapuram for the school children of the State of Kerala and the Union Territory of Lakshadweep (UTL) Reserve Bank of India,Thiruvananthapuram had conducted an essay competition on subjects related to Financial Inclusion for school children (divided into three groups) belonging to Classes VI to XII in the State of Kerala and Union Territory of Lakshadweep (UTL) with last date for receipt of essays as September 25, The details of the competition are furnished in the table below: Group Subject for essay No. of words not to exceed Junior Class VI VIII Middle Class IX X Senior Class XI XII What do you know about banks and bank accounts? What are the advantages of having bank accounts for the common man? What are the various benefits and facilities available from banks to their customers? 1st Prize Rs. 2nd Prize Rs. 3rd Prize Rs. Two Consolation Prizes Rs ,000/- 3,500/- 2,000/- 500/- each ,500/- 5,500/- 3,500/- 500/- each ,000/- 7,500/- 5,000/- 500/- each 2. A total number of 1350 essays were received from school children of the State of Kerala and Union Territory of Lakshadweep (UTL), of which, 618 were in English, 727 in Malayalam and 5 in Hindi. While 1234 essays were received from the school children of the State of Kerala, 116 were received from the school children of the Union Territory of Lakshadweep (UTL). Maximum number of essays at 712 were received from students of junior group followed by middle group at 360 and senior group at 278.

8 8 3. After a rigorous evaluation, 17 essays were selected for award of prizes. Of the 17 prize winners, five each belonged to senior and middle Group, while 7 belonged to junior group including the 2 additional consolation prizes given in this group in view of the large number of entries in this group. 4. The details of the prize winners are as under: Catego ry of prize First Secon d Third Consol -ation Prize SENIOR GROUP MIDDLE GROUP JUNIOR GROUP Name of student Name of School Name of student Name of School Name of student Name of School Kum. Rekha LSN Girls Kum. Govt. High Kum. Govt. Sr. T.P. HSS, Beegum School,Kandala, Raisa K.P. Basic School, Ottapalam Sumayya Neyyattinkara Agati, UTL Kum. Gayathri Devi Kum. Kavitha Krishnan i) Kum. Divya Vijoy Arora ii) Kum. Greeshma MerinJose SN Public School, Konni Carmel Girls HSS, Thiruvananthapuram Chinmaya Vidyalaya, Ernakulam Kendriya Vidyalaya Pattom, Thiruvanant hapuram A.M. Kum. Deepthi M. Thomas Kum. Mythili Surendran i)kum. Vaishnavi Nair ii)kum. Aswathi G. St.Thomas Central School, Mukkolakal, Thiruvananthapuram Sarvodaya Vidyalaya, Nalanchira, Thiruvananthapuram St. Thomas Central School, Mukkolakal, Thiruvananthapu ram Amrutha Vidyalayalam, Punnol, Thalassery, Kannur Kum. Sreelaksh mi B. Kum. Divya Bahuleyan i)richie Jac Tom ii)kum. Sruthi Chandra Mohan iii)kum. Roshima P.P. iv)kum.kru ttika Aggarwal LSN Girls HSS, Ottapalam Sree Saradavilasom HSS, Chirayinkeezh Govt. JBS Centre, Androth, UTL Bhavan s Adarsha Vidyalaya, Kakkanad, Kochi Ramavilasom HSS, Chokli, Kannur Sraswathy Vidyalaya Vattiyoorkavu Thiruvananthap uram All the prize winners were given Certificate of Merit.

9 9 5. Cash awards, along with the Certificates of Merit, were distributed to the winners by Shri S. Ramaswamy, Regional Director, Reserve Bank of India, Thiruvananthapuram, at a function held on December 7, The first prize essays in all three categories are placed below:

10 ³œ Ü ½ ³Ô ². µ Ÿ. µ.ã ÿ Ÿ. VII ªÉµ ú. Ÿ±œ Ü Ÿ Ÿ ³à, Àš¼±ã. ò µ ÔÝ ²¹ à ¾ ʲ µ ÔÝ ²¹ œ ÄൾР¹. ¾ Þ ãª Ô²Ý² Þ œ Ü, ð µüû²ò Àš¼±ã Ÿ ³ Ä Þ µãè, µ Ų š¼±ã Ì Þ œ Ų ª ÜÒ Ï (µµ Ÿ) ¹ ÿ æ Þ ã ¾²Ò². ƒ ü Ÿ. Å. µ ² à ª± ²ª± Ð ¹ à ¾ Ê µœ¾² Å ²Ò œ ªÊ ŸÜ ª œ Ì ²Ò². ò µ ¾² Ų¹ ¾ ʲ µ ¾² Ų¹ Ì Ï µú ª «š ª ª Äà Ï ªÊ Ô µ Ô¹ Ã Þ ã. Ô à ª µ Ê ²Ò ªÜ Ô È ÜÒ ã è ² à Ê œ ¾ à œ¾² Å Ï ò Ÿ. ª µì œ ª ª Äà È Ç² œæ ¾. Ï œæ ¾ ª ª Äà µ üü¾²ò². ˆ ²»Ì µú Ÿ ØÌ ª Ÿœ¹ Þã šœª² œ µôè ¾²Ò². ½ Ì µú Ÿ ØÌ ª Ÿœ¹ ½ã œ ²¹ ª µì œª ª ª «²¹ µú»à ª œ Ì ²¹ ½«Å ¾²Ò². ƒ ½ã ªÜÌ µ Ã Þ ª»ø à ˆÝ ¾ ³È µü ² ²¹ ª ² ² ã ¹ Ÿ œÿ² ²¹ ª»ªŸ Ÿ¹ ¹ Ä ²¹ ² ÄÊ ²Ê. œ² ªÊ ã ܾ²¹ à µœ ½«¾Ê ª ²Ò². œ Þ»Ì µú Ÿ ØÌ ã² ¾ À± ¹ ½ãªÜÌ ¾²Ò œ» ð ãœä ò à. à «Š à»ì µú ½ ½ã š«¹ àµôµ ß Š ²¹ ¹ ²Ò². ò ²µ ½ãªÜÌœ¹ ƒ Ô à œä ²µ Ÿ ØÌ ã² ¾ ª µ ¹ ½ã œ» Ü ¾²Ò ˆÒ. «Ÿ ½ Ÿ à ¹ Ì ª µ ¹ ã² ½ã ã Å Ø»³È ú ²¹ ƒúüµœý µú ²¹ ½ãªÜÌœ Š ß ˆ ý±ÿ Ì ²¹ ½ã ªÜÌ ¾²Ò ƒ ŒÈÌ Þ Ã Þ œùà œ È Ì µ ª µì ƒ ã ² à œ Ì²Ò œ Ÿ à µ ð œ ¾ ½ãªÜÌ ¾²Ò ã ¹ Ÿ¹ª œä ²¹ ƒò œ ª ²Ê. š Ì œ œ ª Ü Ã Â, µ à Â, ƒúüµœý à Â. 1

11 ƒò»ì ² œ± ¹ œ ²¾² ü²ý²¹ ª ª ¹ ò à œ ª ²Ê. ª Þ ½ã œµôè ª» ò à, Ü Ã² à, Ÿ¼ š«ã² à, ½ ± ò à, ½ ª ½ ò à, ª Ÿœ ò à, ½Ñ ò à Ò ª. ½Ñ à º- ˆ ²»Ì ˆ ² ½Ñ à ½ Ê ³.»Ì µ ß œ» ð ãœä ²¹ œ ½Ð ¾²Ò ª µì ½Ñ Ã. ƒ ½Ñ à µú ð ª «¹ ½Ñ ŸÜ¾ œ. ÏŸ œ È Å Å ª ¹ µüû œ²á ª «¹ ½Ñ à œ² ½ ²á³. Ò Þ ƒ à µú ½ãªÜÌœÄà ¹ œ²á ß Ò ƒ à µú ˆ ² ½ã». ƒ ò ª»ø ¾ œ È ƒ ã œ Ì Ï ß. ªÜµ ú² ²¹ Ý Ã² È ƒ à ƒ ã ² à œ ̲Ò. ƒð» ²µ ½Ñ à ± ŸÜª Ã. ± ŸÜª à µú 𠜹 ²µµ. ¾ Ê º- Ÿ œÿ ƒ ã ² à ª µ ü È ² ³ ² ŠµÔ ²Ì ª ¾²Ò ± ¾ Ê Â. ²œ ±ª Ì Þ»Ì œ¹ ã ¹ Ÿ œÿ² à œ ÌµÔ ²Ò ƒ ŒÈÌ ˆ ð ãœä ²¹ µµšœ¹š œ¹ ¹ Ÿ œÿ² à œ Ò²µ Ê ¾²Ò². µ ² Ÿ œÿ Ÿ¹ Ì µú À»¹ ß Ÿ œÿ Ÿ¹ ¹ ¹ ¹ ¾²Ò œ ª µ ½«Î ²¹ Ÿ ª²¹ Ÿ ØÌ µå ª²¹ ªÊ ª ²¹. ã ½««Ÿ œÿ Ÿ¹ ¹ Ü ˆÝ ¾ ãã Ì Ì ³È² ² ð Ÿ œÿ ð ãœäà ¹ ¾ ²Ê. ƒäµœ ¹ ¾²Ò Ÿ œÿ Ÿ¹ ¹ Ì Þ ¹ µµšœ¹š œ ƒ ã ² à Ê ²Ê. ƒª» ŠµÔ ²Ì ª ¾²Ò µú ª Ÿ œÿ Ÿ¹ ¹ Ì µú» œ œ ÞÔ œ²¹ ª ÜÅ ¾²¹»Ð ãà. œ Ÿ œÿ ³ã± ª²¹ µã ²ª ð œ ¾ Ê Â²¹ ƒò œ ª ²Ê. ¾ Ê Â ½ã½ Þ ã Ì ²¹ ƒ ã ² à œ ¾²Ò²Ê š Ì œ ˆ ² ü ß ª» ã ð ãœì Þ ü ƒ ã ² à œ ¾²Ò²Ê. Ÿ œäà ª IJҲ, Ÿ œäà ª Þ¾²Ò², ð 㜹 ª ¾ ²¾²Ò², à ª ã ²¾²Ò². à µú ½ã œµôè ƒ ã ¹ ª Ä ²¹ ¹ µ ²¾ ². à ¹ ª Ä²Ò œ ÀãÄ ³ ²¹. (µ Ô Ÿ Ý Ÿ ) ¹ µ ²¾²Ò ª ã ³ ². ( ÉŸ ) ª»ø ྲ¹ ð ãœäྲ¹ ƒäµœ ò ã ¹ ƒ ã ² ² ²Ê. ã ¹ œ Àã ¾Þ, ã ¹ µå ²¾Þ, ª ãµ ²¾Þ, ª ã µå ²¾Þ. ² ã µ à ª»ø Þ œ Ò²¹ œ Ì Þ ã ¹ Ÿ¼± ¾²Ò²Ê. š Ì œ ŸØ š» œ Àã¹ ( Ÿª ¹ à ¾ Ê ) Þ¾ œ Àã¹ (ã «œ Àã¹) ( ú Ô Ÿ Ý Ÿ ) ð 2

12 œ Àã¹ (ý æ µ Ô Ÿ Ý Ÿ ). ªÜÌœ œ Àã¹ (µ ¾ ¹ µ Ô Ÿ Ý Ÿ ) ß Ì ²á œ ÀãÄྲ¹ ª»»Ÿ Ì ²á Ÿª «²¹ œ Ä ²¹ Ê ¾²¹. ŸØ š» œ Àã¹ ( Ÿª ¹ à ¾ Ê ) Ÿª ² œ¾ ܾ²¹ Ÿ œäྲ¹ ƒ œ Àã¹ ˆ ² œ²½. œù²µ ŸØ š»ì Þ Å¹ ª ²Ò ² ƒ ¾ Ê Þ œ Àã ¾ ¹ œ ²¾ ª¹ ª ² Ø à ã Ϫ ¾ œ²¹ Ÿ» ²Ê. ƒ œ à µü ã «œþ ²Ò². ƒ ² Ä²Ò œ² ªÊ œ ¹ ÏŸ µêã ²¹ ƒ Ô à 0 ÏŸ ²¹ ƒ ¾ ʲ ² Ä ª²Ò. š µãï Ï Ü¾²¹ ˆ ² ྲ¹ œ ¹ ÏŸ ª»» Ÿ ²Ê. Ä ²µ à ½ ½ã š«ì ² µ Ê œ ¹ ÏŸ ª µ ² ª. Ç ªÜ ¹ +2 µ ²È à 0 (Ÿ± ) ÏŸ Þ ¹ ¾ ʲ à ² Ä È²Ê. ƒ ¾ ʲ Þ µü¾² ² Šœ ã ¹ ã Ϫ ¾²Ò. ã «œ Àã¹:- ( ú µ Ô Ÿ Ý Ÿ ) ƒ ¾ Ê Ÿ Ū ¾ ²¹ ã «ª Ä Ì ² ²¹ ² Ä²Ò œ Àã. Ä ²µ š¼±ã Þ ³ ² ²¹ ƒ ¾ Ê œ ª ²á. ¹ 90% ²å±Ä ²¹ ã «ªÊ Ì œ Þ ƒ ¾ Ê ã ¹ œ Àã ¾²Ò. ð œ Àã¹:- (ý æ µ Ô Ÿ Ý Ÿ ) œ õ ª ¾²á Þ µå ²¾²ª Ï Ÿ ¾²Ò œ Àãĵ ð œ Àã¹ Ò² ã ²Ò². ƒ 15 š ªŸ¹ ² Þ 10 ªÜ ¹ ªµ œ Àã ¾ ¹. ˆ ª ²¹ ª ª 㠫ò à œþ ²Ò². ƒ œ Àã¹ ã ò ²¹ ã œ Ì Þ µô ²Ò². ³ µ ª š³ ð Ä ¾ ã ¹ ¾²ª œ²á Ÿ¹ª œä ²¹ à œ²ê. ª ã ( É Ÿ ) º- ò à ¹ µ ²¾²Ò ã ¹ ª ã ãî ²µ. Ä ²µ š¼±ã µ ò ²µ Ÿªœ¹ œñœ±. š¼±ã² ²µ ã ±ªœ Ü Ÿ» œ œ¹, µ IJ, ³ µ ã ªµÔÈ œäà Ÿ¼ ¹ µêì ª ² œ Ü ý ã ¾ à Øœ, Ծ؜, Ä µ Ê²á ª ªÄà ² µü ² ª»ªŸ Äà ² Ä š¼±ã µ ˆÈ² ¾ ª±È٠ܾ²¹ ¾ Ê Ä ² Ä Ï ªŸ ¹ œþ ²¹ à µú ª «¼Ÿœ± Ÿªœ½ãªÜÌœª²¹ ¾ ʲ ²µ ƒ ª² ².. ³ µ Ä ²µ š¼±ã ²á ü ª»ªŸ Ÿ¹ ¹ Äྲ¹ ( Ÿ. Ÿ µ ) µ IJ Ü Ü¾²¹ ½ Ÿ¼ ª ã ²¹ š±üœ ª ã ²¹ Ÿ»µÌ ྠ㠫œ ¾ Þ œþ ²Ò ª ã ²¹ š¼±ã µ ã² œ ª Ÿœ ½ãªÜÌœÄྠª µ ¹ ½ã œ» Ü ¾²Ò². à œ²á µ ªÜ ŸØ³Ü ã Ÿ»Ä Þ œ Ò²¹ ª š»» Ÿ ª ã à, ª± ª ¾ œ²á ª ã à, ª œäà ª Ä ¾ œ²á ª ã à, ã Äà 3

13 ª Ä ¾ œ²á ª ã à Ò ªµ ¾² Å²á ª ª Äà». ƒäµœ ß Š µ Ÿ œÿ² ܾ²¹ Ÿ ØÌ Ÿ ³» ¹ Ä ²¹ à ¾ Ê ª µ ¹ ½ã œµô ²Ò². ªÉµ ú µú œ À ãî ྠ½ã œ»¹ œþ Ÿ² œ Ì Ô œ ½ã» Ų¹ ½ ½ã š«ä Þ Ã² à ª ¾²Ò ãã œñœ±. ªÉµ ú µú ã² ãî œ²ÿ Å Ÿ ¾ µœ à  Š ¾ µ ʲ ª ²Ò œ ƒ µ ã Ÿ ã Ÿ Ÿ¹ŒÄà ( Ÿ Å. ) ŸÜ â œ Ì œ²ÿ Å ˆ ² ª±È Þ ˆ ² ¾ Ê Ò ãî ¾ Ä ²µ µ Ų š¼±ã Þ ² ¾¹ ² ¾² ²¹ µü ². ƒ š» Ì œ à œ š¼±ã Ÿ ³ ¹ ² ²ªÏ àµô ² ²¹ ˆ ² ŸØ³Ü à ¹ Š ÿ Ü µüû²ª Ï Ÿ ¾µÈ! Àš¼±ã Þ àµô ²Ò µú ƒ µ Ų š¼±ã Þ œ Ò²¹ œ ¾ Ï Ÿ Å Ã µœ¾² Å²á ²¹ à ¾ ʲ µ ² Å²á ª «š ª ª Ä Ä µú Šœ¹ ƒª µ Ÿ ã ¾²Ò². 4

14 Þ ½ ³Ô ± ¹ Ÿ² Û. ¹ ÿ Ÿ 9 ªÉµ ú µµ Ÿ ³à Ê µœû Ý Ï Ã ¾ Ê ³µ Ÿ ã œ ¾²Ò ½ã œäà Ã Ò ã ²Ò ˆ ² ð ãœ. œä Þ œ Ò œ õ ² Ÿ¼± ¾² ²¹ µ Ô¹ µò µã ² œäྠª œ²ÿ ¹ É, ª ã ² Ä Ÿ Ä ²¹» ¾²Ò². Ÿ ØÌ «Ÿ ½ òœ ½ µú ½ã Ì Þ Ã Ò² ã ²Ò œä ²µ ²¹ à µú ²¹ ð ²á Äà ã ¾²Ò ˆ ² ƒ œ ¾ œ. ƒòµì Ì ã Ì µú ª œ Ÿ½Øš ¹ œù²µ ü Ð Þ œ Dzœ Þ¾²Ò²Ê. ã ¹ ª ¾ Ï µý Ò² ß Ì ˆÒ ã ¹. 㠲᪜²¹ ã ß Ìªœ²¹ ã µì ² Å ˆ ² ã µ ªª µô ²Ò². ŸØ š ¾ µœò µœ¾ ²¹ œù²µ ŸØ š»¹ Ÿ³À Ųª ¾ œ ²Î ²È! ƒ ªŸ Ì Ã µú ½ã œ»¹ ª»ø ²Ò. ˆ Ÿ ¹ ã ¹ Ÿ² À ¾² ²¹ ª ² ²¹ ª ¹ ª µ à µú ½ãŸø.. à µú ª «¼ Ÿ» µú Ì. à ¹ µú 𠜹 ã µ ² Ÿ ã œ²¹ ݪ²¹ ª ½ Ð ¾²Ò ã Ì µú Ÿ² À ¼Ì. Äà š ª Ÿœ ŸØ š ¾²Ò ², ½ µü ² ²Ò ²¹ ª ² ²Ò ²¹ Ã Þ œ Àã Å Þ, ã ¹ ( à Þ) Ÿ² À ¾²¹. œ õ ª ¾² «¹ œ Àã Å ² ã Ϫ ¾² µ Ã Þ Ã œ ²¾ ² œ µ Ô¹, œ õ ŠȲá ã «² ²¹ œþ ²Ò². ƒ Þ œ Ò²¹ œù²µ ŸØ š»¹ Ÿ¼Ð¹ ª± ² µ ƒ ²Ø Ÿ³À Å ²Òµ Ã Þ œ ¹ ã µì ª È ¾²Ò ² ã µ ²Ò². ¾²á ²Ò Þ ã ¹ ª ² ² ß. 1

15 ò à ˆ ² ã µú ŸØ š»ì ²¹ ª œ Ì ²¹ œ Ü ãã² ª ¾²Ò². à µœ ²¹ ã µœ ²¹ Ù Þ ³È ¾²Ò ˆ ² Ë Ã ¾ Ê ½ãªÜÌ ¾²Ò². ƒ š Ë Ÿ ã µœ à µú µ ² Š µ ²¹ œ Ô ¾²Ò². Ÿ ã µœ à µú ª «¼ Ÿ» Þ µ µêì ¾²Ò². à ¾ ʲá ã œ µú ŸØ š»¹ Ÿ² À Ã Þ œ Àã ¾ ¹. š µú µµšœ¹š œ µü ª² à Ç ¾ ª ²Ò ² µßã Þ ˆ Ÿª²¹ ˆ ² œ õ ² ² ª µú ª ªÄྠ㠾²ª œ È µßã Þ œ ²¾ ª ²á Ô à ã Ϫ ¾ œ È Ã Þ œ Àã ¾ ¹. ³ µ, ˆ ² ã œ ª š«ì²œ Ò, ݲ ð ãœä Þ œ Ò, ݲ ª»ø Þ œ Ò È²ª œ²á ã ¹ ½ãŸ ² ª»ø ¾ à ¾ Ê µêã Þ Ý²áªÜ¾ Þ œ Àã ¾ ¹. ã µò ª ²á Ô à œ ¾ Ê Þ œ Ò ã ¹ ã Ϫ ¾ ª²Ò ². ² ã µ ¾ Ê á ˆ ² ª»ø µý ྠ㠹 µ ²¾²ª œ²µêã Þ œ õ ² ² µü¾ µ ²¾ ª²Ò ²¹ ²ª Ã Þ œ Ò ² ã Ϫ ¾ ª²Ò ². Ã Þ ¾ Ê²á µ ² ã œ²¹ à ½ ã Ÿ Ä ²¹ œþ ²Ò². ò à ã ª ²µÊà ²¹ Ÿ œäà¾ Þ Ÿ¼ ±œ ²á ª» ò à¾. ²µ Ê µò ƒª ²µ ŸªœÄà Ÿ ØÌ Š Þ ±ª ½ã œ» Ü ¾²Ò². à ¾ ʲáªÜ¾ ²œ ò à ½ã œ ²¹ ʲ ¹ Ü Ä œ ܪ ¾²Ò. ò ²µ ½ã š»¹ œ À㟼± ª²¹ ª ã ª ª². à ¾ Ê²á œ Àã œ ªµÔ ²Ò Ÿ ̲¹ µ œþ µ Ò Ø ã ¹ Ÿ¼± ¾²Ò. œ Àã Ì µ Ô¹ œ õ œ ¾ ²á ã «²¹ µ ²¾²ª Ï Ã»ð. œ Àãĵ ª ²µ ½ã» ¾œ²Ÿ Å ð œ ÀãÄà, Ÿª ¹ Ÿ µ ¾ ¹ œ ÀãÄà, ú œ ÀãÄà Ò Äµœ ¹ Å ¾²Ò². ˆ ² œ õ ² ˆ ² ½ã» ã ¾ œ Àã ¾²Ò ð œ Àã¹. Ÿ 30 š ªŸ¹ ² Þ ½ ªÜ ¹ ª µ à ²¹ 2

16 ð œ ÀãÄà Ÿ¼± ¾ ª²Ò.»œ ÜÒ œ ¾ ²á ã «ð œ ÀãÄ ²µ ½ã». ƒ Ÿ œ Àã ܾ ª µ ½ã œ. µü¾ œþ ²Ò ã ª ƒ œ ÀãÄྠß. œ Àã ܾ ð œ ÀãÌ µú ð œì Þ Ã É œþ ²Ò². Ÿ ¾ µ ²¹»ªÜ ¾ µ ²¹ ͫŲ µ Ê²á Ÿª ¹ Ÿ œ ÀãÄà. ª ² œì µú µü µ ² ¹ œ Àã ¾²Ò µ Ô¹ ã «œì Þ ª ² œ¹ Ê ¾²ª œ²¹ ƒì ¹ œ ÀãÄà Ÿ ¾²Ò². ˆ ² Ÿª ¹ Ÿ ¾ Ê ² Ä²Ò à¾ ã Ÿ ²¾ œþ ²Ò²Ê. Þ µú ¾ Ê œø ²¹, ã ²¹ œ Àã ¾²Ò ²¹ ã Ϫ ¾²Ò ² ² ²¹ ŠµÔ ²Ì²Ò². µü¾ µú Ÿ»¹ ƒ Þ». Ÿª ¹ ¾ Ê µ ã «¾ ¾²Ò ˆ ² ŸÌ µú 10- ¹ š ªŸÌ œ²¹ ªŸ œ ½ãª Ì š ªŸÌ œ² µ ݪ²¹ ² Ç ² ¾. ð œ ÀãÄ ²µ ²¹ Ÿª ¹ Ÿ µú ²¹ ½ã» à ˆÌ² üüò µ ¾ ¹ œ ÀãÄà. Ʋ ³ã ²µ ² Ä ƒ µ œ ÀãÄà. µý ² ½ã» ˆ ² œ õ ŒÈÌ ¾²á ƒì ¹ œ ÀãÄà Ò. ª ªŸ œ ¾² Ø ¾²¹ œ Àã Å ² ³È²ã «¾¹ œ Àã ܾ µ œþ ²Ò². ² Ç Þ ð ª ² œ¹ œ ²Òª ½ã œ ²¹ µ ¾ ¹ œ ÀãÄ Þ œ ÀãÄà ƒ ²á. Ÿ ªÏ Ÿ œæ² ²¹ Øœ ²¹ ݲ ú ¾ Ê ¹ ¾ ²á. µü¾ µú Ÿ»¹ ƒ ¾ ʲ Þ». µ à ²¹ ƒ ² ²µ ð œì Þ œ Àã Å ² µ ¾ ²¹ ¹ ã ¹ ã Ϫ ¾ ª²Ò ˆ ªÜ½ ý Ý Ÿ»¹ ƒ ú ¾ ʲ Þ». ò ²µ ½ã œ» ²á Ü Ä Þ ½ã œµôè ˆÒ ª ã ª ¹. Ãܾ ª ² œ¹ ¾²Ò ª ã ¾ ¾²Ò ã «Þ œ Ò. Ÿ ¾ µú ã ªÄ ²¹ ²Ò Þ Ê Ã ª ã ª ¹ µüû²ò². ò¹ ƒ ã ² œ²¹ Ù ²á Ø ²µ ý œ Àã ¾²Ò ² ¾ à ³ ² Þ ã Ϫ ¾ ª²Ò Ÿ» ˆ ªÜ½ ý Ý. µ à ²¹ ƒ µú ð œì Þ ã Ϫ ¾ ª²Ò ² ¾ ˆ ² ã œ õ ¾²Ò². ã Ϫ ¾²Ò ² ¾² ½ ã «ƒ ¾²Ò²á³. ƒ œ ²¾ ª µ ½ã œ. µý ² ½ã œµôè ª ã ª» µ½ Ý. 3

17 ƒ ã ² µú ã¾þ œ Ò²¹ ƒ ¾²Ò ªŸ ²ª ²µ, Ÿ¼Ü Ì µú ª ²µ ð œì ª ã ã œ õ ¾²Ò. Ÿ œæ² Ü Ù Þ µµ ª²Ò ½ ÞŸ Ÿ Ê µüû²ò µý ² ½ã œµôè ª ã Ÿ½Øš ¹. à ±ªœ¾ ܾ É Ÿ»¹ œþ ²Ò»¹ Ÿ²ã ü. ˆ ² ½ã» ªÌ œ ½ã œ ²¹ ² à œ²ªš ¾²Ò. ¾ª ²¹ ª ƒ µú Å ª. µã ² ª Ÿ Ò ª ² œ¾ µ ² ã œ²¹ ÜÒ² ª ²Ò ü ª² µ ¾ œ ò à Ý ² à œþ ²Ò². ª ª²¹ ü ª²¹ Ù ²á ª»» Ÿ¹ Ý œ ÜÌ Ï ƒì ¹ ² à Ÿ ¾ µœ Ÿ ¾²Ò². ª šä Þ Ý ² à ½ãü ¹ œ ȲµÊà ²¹ œù²µ œ È Þ µã ² ª ² ª. µ ² ã µú ²¹ ½ã ªÄ µ Ò ª± ² ྲ¹ ª ã à ¾²Ò². µü ² ²¹ ª ² ² ß Ã² ²¹ ªœª ã œþ ²Ò Þ Ÿ ¾²Ò Ò. ª ã ² ª ¾Ê. œ ª Þ µµ ²á ªŸ ²ª à ª Þ¾²Ò œ ²Ø ã² µ µ ˹ ª Ä²Ò œ ² à ½«¾ ²Ê. ƒì ¹ ªÄྠà ½ ¹ ² à œþ ²Ò². ª Þ¾ œ²á µ È Äà ¾ ª œäà ¾ «ª ¾ ¾² ²¹ Ÿ ¹ ª Ä œ²á ªŸ ²¾à¾ ª ² Ç ¾² ²¹ µüû² Ø ƒì ¹ ª ã à ½ã œµô ²Ò. µú ã Ø ª «È²Ò ªŸ ²ª µú Þ ¹ ð ã µå ²¾ Ï ª ü ª² ¾ µ à ²¹ ˆ ² ª»ø ²¾²Ò µ½ã Ý ² à. ªŸ ²ª œ² Þ ü² Ì ¾²Ò ¹ ¾², ð ª «¹ µ ¾² ² Ä µü ª² ྠª ² ª ã ò à œþ ²Ò². ƒ Ÿ ¾ œ ª µ ½ã œ ²á. œù²µ œ µú Ÿ ØÌ Œ œ Þ µü ² ß Ì ð 㜠½ã š«½ ± ò ྲá. 1972µ à  ٱ µú Ô ÜÈ ½ã ¹ 1975-Þ ½Ñ ªÉµ ú ± Þ ³ Þ Ã ˆ œïÿ ã Ÿ ¾. ½ ± Š µ à  ŸªœÄà ª» ã Ô ¾², µü ² ƒ Ì ¹ ¾ ܾ²¹ Ū ¾ ܾ²¹ ª ã» ¾², Ÿ ØÌ ª Ì µ ã à ã ¾² ² Ä 4

18 À»Äà Ÿ ¾ ܾ Þ ½ã»Ì Þ ª ²Ò œ ½ ± ò à Ÿ ²Ò². ƒð»ï ŸØš Œ œ ²µ ½ã œµôè Œ Ä µ Ò Ÿ ò à. 1904µ -ˆ Ô Ý±ª µ½ Ý µÿ µµÿý±ÿ œ ½ã ƒ ò à ð ã ¾µÔÈ. Ÿ ò ²µ ³ã± ¹ Ü Ü¾ ã²ìœ² ܪ œþ. Ÿ ò à ² Ç ã «œ ¾ Þ ã ¹ ª ã œþ ²Ê. Ÿ ¾ µú ã µ ¾ ¾ È ƒ ò à œ µ á²ò. œ Àã¹ Ÿ¼± ¾²Ò Þœ Ò²¹ ª ã µ ²¾²Ò Þ œ Ò²¹ ݲ¹ ò à ²š³ ¹ ² Ò È ã ¾ Ç ¾²Ò².»Ì ²Ì Ÿ ¹ œ ²Ò ƒ ²œ ŒÈÌ Þ œ ¾ ò à Ÿªœ¹ µüû²ò.»µì Ÿ œäྻ𠟪œÄà ݪ²¹ ½ã œ ²Ò. ƒì ¹»Ð ŸªœÄ Þ ½ã œµôèª Ÿ² À ¼ ŸªœÄà, œ Àã ŸªœÄà, ã µµ ݹ, ƒï ² ÏŸ ŸªœÄà, ½ è ŸªœÄà, Ü ãü ÅŸ ² Ä ª. ƒ ã ² ²µ ª ªŸ ²¾ ²¹ ½ã œ» Š ²¹ Ÿ² À Ÿ³À ¾²Ò œ²á Ÿ»¹ ò ²Ê. ƒ œ ¾ ² à Ò µô ²Ò,Ÿ» ã ¾²Ò. µü ²á ˆ ² ý±ÿ ½ ƒ œ à ƒ ã ² Þ œ Ò²¹ ƒ ¾²Ò. œ Àã ²µ Ÿ ØÌ ã š ¾ ò à ½ãªÜÌ ¾²Ò. µ Ü Ü¾Ý² à,»³å¼þ ýê² à ² Ä ª Å œ Àã Ÿ». ƒì ¹ œ Àãĵ ¾² Ųá Ü œ Ü š«äà à œ Àã ܾ œþ ²Ò². ª ¹, ª ÜÅ, œ Ÿ», ª µ ª ² œ Ÿ» ² Ä ªµ ß ¹ ã½ Å ã ¾²Ò à µú µò ½ã» ª ƒì ¹ ŸªœÄà» ¾²Ò. œ ÀãÌ µú œ õ «œ ƒ œ² ý±ÿ ƒ ¾²Ò. ã Ì µú µµ ݹ ß Ì ¹ ² ²¹ ªµÔ ²Ò Ÿªœ. ˆ µú ¾ Ê µ ã ¹ µý µú, ð ãœì µú ¾ Ê ¾ Ÿ² À ݲª Ï Ã Ÿ ¾²Ò². ú ½ ý ݲ à, µü¾² à, µ Þ ½ ÏŸ ýü ² Ä ª ²Š Рò à ƒì ¹ ŸªœÄà œ ̲Ò. µü ²á ˆ ² ² ŸÜª±Ÿ ü Ü Ã ƒ ¾²Ò². 5

19 ƒ ã ² ²µ ƒï ² ÏŸ µú Þ œ ȹ ª ¾²Ò ò à ƒ Ô à ŸÜªŸ. ƒ œ ò ྠƒ Ô à ½ã» ª ¹ µò ²Ê. ƒï ² ÏŸ ã Ÿ µ ª œ¹ µü ݪ²¹ Å ã Ÿ œ Àã¹ œ ̲Ò. Ÿ Þ ª ² ¾²á ãòäà ª Ä Ï ² ྠà ª ã ª ª ²Ò². Ì ¹ ãòäµ ² ²ªÏ ª µ ²Ì ª Ä ƒ ã ² ܾ ª ª»ªð Þ œþ ²Ò µœ Ü ãü ÅŸ Ò² ã ²Ò². ˆ µú ð ãœì µú ð ²á ªŸ ²¾à œ ¾ œ Ì²Ò ŸªœÄà œþ ²Ò ò à ƒò²ê. ªŸ ²¾à ã ã ¾², ª ² œª²¹ ü ª²¹ ŠµÔ ²Ì², Äà ±Ü̲ µ ²¾² ² Ä ª ½ è à µú ŸªœÄà. ƒ ½ Ÿ¹ª œäà ªÜÎ Å µ à ¹ Ÿªœ ¹ Ì ªÏ ² Ųü È ²Ê. ƒò ò Þ ã ŸªœÄ ²¹ Ÿ ¾ µú µµ Ì²Ø Þ Ì²Òª ¹ ª ã² ± ¾²Ò². ò Þ ã Ô ²¹ ªÏ ¾²Ê ²¹. ã ¹ ã Ϫ ¾Þ, µü¾² ²µ µµ ݹ, ú ½ ý Ý ² Ä ã ªÄྲ¹ ª ²Ò ² ²µ ̲œ Þ¾Þ ˆ ª ¾ œ µ ßÜ Ÿ èì µú ½ã œ»¹ Ÿ»½ãš. ½ã œ ²¹ Ÿ œäà ª Ä œ œ ¹ µ½ Ý Ü ã ¾²Ò µµ à ¾ Ê ã µßã ²¹ Ÿ œäà ª Ä µ Ò ƒ Ü ² µ Ê²á ² ¹. Ÿ œäà ª Ä ² œ õ š ªŸÌ œ ¹ Å ¾ µ Ò²á ²á³. ƒò² ŸÜ⟠µ Ý Ü ² à. ¾ Ê ²á ã ¹ Ÿ ̲¹ ã Ϫ ¾ µ Ò ƒ µú ½ã». à ˆ ý ƒð» ƒð» Þ š».. ¹ Ü ª Ô Å š«ÿ Ã. µ Ý Ü ² ²µ Ÿ² À Ô ¾²Ò œ Ÿ» œø ² ²á ã Ÿ ªÜ ² à ã ¾²Ò².»µÌ ½ ± Š µ ¹ Ä Þ ½ãªÜÌ ¾² µ Ò Í«Ì µ ªÉµ ú œ Ü ½ãªÜÌœ¹ ¹ ¾²Ò.»µÌ ½ ± Š ²µ ª ŸœÌ œ ƒð» ªÉµ ú 1978-Þ µ. Ü..ã œ Ô ¾²Ò. ƒäµœ, ò à Ÿ ¾ µú µ ² Š ²¹ ½ã ªÜÌ ¾²Ò². à ˆ ² Ÿªœð 㜵 Ò œ Þ Ÿ ¾ ܾ Þ ˆ ü»¹ œ ¾ Ç ¾²Ò². 6

20 Senior Group Rekha T.P. Std. XI LSN Girls Higher Secondary School Ottapalam VARIOUS BENEFITS AND FACILITIES AVAILABLE FROM BANKS TO THEIR CUSTOMERS Consequent to the introduction of technology in the banking sector and the entry of new generation private sector banks, the level of competition among the banks have considerably increased. This competition has lead to a large number of products and services in the banking sector being extended to the public at large, at affordable costs. In the present day almost all the financial products and services available in the market are available at a single point of sales i.e. the bank where a customer deals. A few of the products and services which can be used by the public are as follows: 1) ATM Cards/Debit Cards: This facility is extended to customers round-the-clock for withdrawal or deposits of money to their accounts. The customer need not go to his bank for this purpose, he or she can just step into the ATM for completing the password by using the unique password. Other value-added services are also offered to customers like booking of rail tickets and air tickets, re-charge of mobile cards, payment (which can be done with the help of ATM) of educational fee, etc. Customers can also share the ATM of another bank at a small cost. 2) Consequent to the rapid progress made in the communication sector, usage of mobile phones and internet is also widely popular. Customers can avail the services of mobile banking and internet banking with the help of unique identification number and can get the SMS alerts through their mobile phone for the amounts deposited and withdrawn from their accounts. Customers can also make use of the 'net-banking' to view their accounts.

21 3) The basic functions of the bank is 'acceptance of deposits for the purpose of lending' has diversified over the last decade. Customers are being offered other financial products like life insurance, mediclaim insurance covering hospitalization expenses, mutual fund products of various companies at the bank where they deal. 4) Due to the increase in volume of share trading in the share markets, most of the banks have obtained authorization from Securities Exchange Board of India (SEBI) for holding shares in electronic form for its customers, in conformity with the rules framed by SEBI. Customers are making use of this facility for holding shares as well as for doing share trading transactions through their DP Accounts. 5) Many of the statutory payments like direct taxes, indirect taxes, central excise and customs duty, payment of fee to the Registrar of Companies required for limited companies etc. are some of the other services offered by the banks to the customers, which are simple and quick. 6) In major cities, electronic clearing services facility is being extended to the customers. This facility makes sure that the interest warrants, dividend warrants, refund orders, etc. are directly credited to the customers' accounts maintained with that branch. Advantage of this service is that the transit loss and fraudulent encashment of such instruments are avoided and the customers' accounts are credited much faster. 7) The introduction of 'core banking system' has done away with the concept of a customer being associated with a branch of a bank, instead the customer is treated as bank's customer. It enables the customer to operate his/her accounts of a particular branch from any other branches of that bank across the country. 8) Under the 'core banking system', the customer is offered services for transfer of funds from one account maintained with one particular bank to another account with another bank within hours. Such settlements take place as real time basis and is termed as 'Real Time Gross Settlements' (RTGS) and NEFT (National Electronic Funds Transfer). It is much improved service the customer is getting due to the development of technology in banking sector. This facility is also being used by banks themselves for settlements across the country within 2 hours.

22 9) On a day-to-day basis banks are continuing to offer various deposit products and loan products to suit the needs of the customer. Depending on the market conditions and economy, competitive interest rates are offered by banks to its customers on its deposit products. Most of the banks are offering structured loan products under their personal banking segment to suit the particular needs of the customers, for example, housing loans, etc. which has made the task very easy and simple. Loans are being granted to customers at a very competitive price so as to give best advantage to the customer. 10) All the banks have set up call centers round-the-clock for enabling the customers to seek help whenever it is required. Separate departments are also available at various offices of the banks for redressal of customer enquiries/complaints and all the banks are aiming for complaint-free banking. RBI takes effective steps from time to time for improving the efficiency of all banks functioning in the country. 11) In the agriculture sector, most of the banks are offering loans to farmers at 7% p.a. interest rate for a period of 1 year upto an amount of Rs.3 lakhs. This enables the farmers to borrow loans from banks at a cheap rate and undertake the cultivation, produce good yield, market it and generate good income for the crops. Apart from this, most of the banks are also engaged in financing to Agricultural Sector through tie-up arrangements with reputed societies/boards, sugar mills, farmers' club, etc. where the farmers are benefited by the fact that their crops produced are brought back at market rates and the farmer is able to get good income from the produces. It also enables the farmers to do away with middlemen for marketing of the agricultural produces. A further improvement in this aspect have taken place recently, whereby the banks are setting up Internet Kiosks, which helps farmers to find out the markets where their agricultural produces get best price. Setting up of cold storages and rural godowns are also being promoted by banks with support from NABARD. The farmers are benefited by the fact that the agricultural produces can be safely stored without perishing when the price of the commodities goes up. Agricultural graduates, veterinary graduates are also being encouraged for setting up agricultural clinics where they are able to render technical advice and support to farmers at affordable costs with the use of modern technology. 12) Contract farming, share cropping and tenancy farming has also gained momentum in the State due to the fact that most of the farmers are having fragmented

23 land holdings and cultivation of crops in the fragmented land holding may not be economically viable. In many areas, farmers clubs are actively engaged in cultivating crops through share cropping pattern and banks are encouraging such activities by liberalizing the security norms for loans. Cultivation of medicinal plants through sponsorship by medicinal plant board is also gaining popularity in the State and most of the banks are active in supporting such projects. 13) Banks are actively involved in financing for micro-credit activities. This is very popular in rural and semi-urban areas and is well supported by Grama Panchayats, Block Panchayat, Kudumbasree Mission, NGOs etc. Banks are extending micro-credit assistance by way of loans to Self Help Groups. The objective of this Scheme is to encourage small savings amongst members of the Group and certain guidelines are formulated to test the stability of the Group for a period of 6 months. Thereafter, grading is done for the Groups and loans are extended for the members of the Groups upto 10 times their savings amount with relaxation in security norms. The members of the Group are benefited by getting financial assistance from banks at cheap rate for meeting any of their requirements which has reduced their private borrowings at very high interest rates. To some extent, this has helped the lower and middle income families to get out of the clutches of private money lenders resulting in social security. Banks are also actively promoting activity groups from the Self Help Groups who are engaged in various economic activities. 14) Banks are also very active in extending financial assistance for young and aspiring students for pursuing their higher education. The interest rate for these loans are cheap and the requirements of additional security for studies in India is relaxed upto loan amount of Rs.7.5 lakhs and for overseas studies upto loan amount of Rs.15 lakhs. The students need to repay the loan within a period of 5 years only after completion of their studies and taking up employment. Since the opportunities for getting decent employment with good salary in various sectors like software, communication, insurance, banking, engineering, infrastructure projects, health, etc. are plenty and thus many of the students are benefited. 15) Small and medium entrepreneurs is another area where the banks are providing finance at cheap rate so that these entrepreneurs are able to ensure maximum output as the goods and services produced with less interest cost. Credit Guarantee Scheme

24 Trust Fund (CGSTF) has been formed by the Govt. of India for promoting small-scale industries and banks are financing upto Rs.25 lakhs without insisting on collateral securities for such units and these loans are in turn guaranteed by the CGSTF for which a nominal fee is charged as guarantee premium. All the three segments like small, medium and micro are supported with a view to improve the productivity and the GDP of the nation. 16) During the year 2006, Finance Minister has initiated the process of including all the households for having bank accounts which is termed as 'Financial Inclusion'. Many relaxations have been permitted in the lower income group like opening of bank accounts with 'zero balance' and lending small overdrafts to these families upto Rs.25,000/-. Banks have also simplified procedures for opening such accounts and promoting savings amongst all households. All these services extended by the banks to its customers will undoubtedly contribute to the development of the State and the nation.