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PNB to launch branchless banking
By
SiliconIndia,Thursday, 10 December 2009, 21:45 Hrs
Bangalore: The Chairman and Managing Director of Punjab National Bank (PNB), K.R. Kamath said that the bank was going to introduce the concept of branchless banking by setting up kiosks in unbanked villages.
Kamath said that this project would be known as 'Project Namaskar' and under this one lakh kiosks would be established in unbanked villages to extend the bank's reach and create large customer base. He pointed out that PNB Farmers Welfare Trust, founded in 2000 had been quite successful in development of rural population engaged in farming sector.
He further said that PNB had launched a pilot project in Sonebhadra district through its Robertsganj branch for facilitating wage payment under National Rural Employment Guarantee Act (NREGA) project. The CMD said that under the project, the bank had opened accounts through banking correspondents and around one lakh smart cards had already been distributed among the NREGA beneficiaries.
Kamath said that the Varanasi circle of bank that includes 15 districts would see an improvement in banking services with the setting up of 19 new ATMs. To meet the bank's mission of banking for unbanked, PNB was ready to distribute over 500 rickshaws to rickshaw pullers in Mirzapur district. PNB is also keen to become an active player in the insurance market. The bank has adopted a referral model to distribute its products.
Kamath said that this project would be known as 'Project Namaskar' and under this one lakh kiosks would be established in unbanked villages to extend the bank's reach and create large customer base. He pointed out that PNB Farmers Welfare Trust, founded in 2000 had been quite successful in development of rural population engaged in farming sector.
He further said that PNB had launched a pilot project in Sonebhadra district through its Robertsganj branch for facilitating wage payment under National Rural Employment Guarantee Act (NREGA) project. The CMD said that under the project, the bank had opened accounts through banking correspondents and around one lakh smart cards had already been distributed among the NREGA beneficiaries.
Kamath said that the Varanasi circle of bank that includes 15 districts would see an improvement in banking services with the setting up of 19 new ATMs. To meet the bank's mission of banking for unbanked, PNB was ready to distribute over 500 rickshaws to rickshaw pullers in Mirzapur district. PNB is also keen to become an active player in the insurance market. The bank has adopted a referral model to distribute its products.
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Reader's comments (4)
1: i specially thanks to PNB BANK.this is good
step to give a importance to common people
who r living in rural area must be useful.
this is step also increase indian rural
people standard of living give result to
improve our national GDP.
Posted by: vinod shinde - 13 Dec, 2009
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jobnews daily conclusion replied to: vinod
post - 30 Oct, 2010
post - 30 Oct, 2010
3: Thank you so much for taking this initiative
at least PNB is considering Farmers all other
banks are working to increase their capital
only actually this is good project
Posted by: Binoj Ninan - 11 Dec, 2009
4: This is a good initiative by PNB to offer
banking services in the rural areas..
Posted by: Rohit - 10 Dec, 2009
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