Shri P Chidambaram, Finance Minister, Govt. of India inaugurated PNB’s 1ST Micro Finance Branch at Mukundpur, Delhi. Dr. K.C. Chakrabarty, Chairman & Managing Director, PNB, Shri Jile Singh Chauhan, MLA, Shri K. Raghuraman, Executive Director, PNB, Shri JM Garg, Executive Director, PNB, Shri RK Dubey, General Manager, Delhi Circle and other Top Executives of the bank graced the occasion.

Speaking on the occasion Shri P Chidambaram, applauded the efforts of Punjab National Bank in bringing the un-banked people to the banking fold and congratulated the bank for opening PNB’s 1st Micro Finance Branch with more than 12000 no frill accounts. He further reiterated the govt. of India slogan of “Financial Inclusion” and appealed to link all Indians to banking system through opening of their accounts & providing them Credit & other Financial Products.

In his address, Dr. K.C. Chakrabarty, Chairman & Managing Director, PNB informed the gathering that the objective of the branch is to meet the common man’s financial requirements, which include Credit, Insurance & Investment Products. The branch is fully computerized, equipped with all modern banking facilities such as ATM, lockers, Q-Management, Insta-remit, Internet, etc. the Branch is on CBS platform as such connected with branches all over the country. The major focus of the branch shall be to provide basic banking needs viz savings accounts and credit either singly or under group approach with a motive to enhance income levels of poor population of this locality and nearby areas.

He further added that the Mukundpur village was un-banked area in Delhi and with opening of this branch large number of residents of this locality and nearby areas shall be able to access banking facilities from this branch.

Branch has a rare distinction of opening more than 12000 no-frill accounts before its launch and 127 SHGs have been attached with the Branch availing an aggregate credit facility of Rs.1.12 crores. These beneficiaries are engaged in all types of activities such as carts/ Rehri-wala for selling fruits, vegetables, seasonal bhutta, shiaknjvi etc., carpentry, mechanics, laborers for construction work and those carrying out small occupations. Delhi circle has total 463 Saving linked SHGs. Out of these 234 SHGs have been credit linked and a sum of Rs. 1.96 crores have been disbursed to them. The launch of this branch shall enable a large number of people, most of whom were financially excluded heretofore, to have banking facilities at virtual no cost and that too at their door-step. This has led to increased economic activity in the area. Today, we have taken a step forward to fulfill the dream of Govt. of India to Financial Inclusion of every Indian irrespective of fact whether he/ she lives in rural or urban area.Shri Jile Singh Chauhan, MLA, Mukundpur during his address praised all staff members in opening this 1st Micro Finance branch and extended his wholeheartedly support in bringing the masses of the area to the branch for opening their accounts.

Sourced From: Punjab National Bank

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