‘Make Banking Inclusive to Stem Flow of Black Money’

Published: 06th December 2014 06:18 AM  |   Last Updated: 06th December 2014 06:18 AM   |  A+A-

VELLORE: VIT chancellor G Viswanathan inaugurated the renovated branch of Indian Bank on the VIT university premises on Thursday. Speaking on the occasion, he said banks played a crucial role in the development of individuals as well as society. By extending banking services to all sections of society, it would be possible to curb black money to a large extent as envisaged by Prime Minister Modi.

Inaugurating the new facility, T M Bhasin, chairman and managing director of Indian Bank said the branch would have passbook-printing machine and cash deposit machine. The branch would function between 6pm and 9pm for students.

Bhasin said  that 75 per cent of the 20 lakh plus basic savings accounts opened in Indian Bank under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have been opened so far. ‘Responding to the call given by the Prime Minister while launching the scheme on August 28, all banks were given a target of opening around 7.5 crore accounts before January 26, 2015. Now that banks have achieved eight crore plus accounts across the country, to the tune of  `6000 crores, the Finance Ministry has increased this target to 10 crore accounts and the contribution of Indian Bank would be significant,” he said.

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