The Nawanshahr Central Cooperative Bank Ltd.


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 Financial Inclusion
“Committee on Financial Inclusion” under the Chairmanship of Dr. C. Rangarajan defined Financial Inclusion as "the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.”

Initiatives  By The Nawanshahr Central Cooperative Bank Ltd.

1. Financial Literacy Center at Banga: The broad objective of the FLCCs will be to provide free financial literacy/education and credit counselling. The specific objectives of the FLCCs would be:
(i)To provide financial counselling services through face-to-face interaction as well as through other available media like e-mail, fax, mobile, etc. as per convenience of the interested persons, including education on responsible borrowing , proactive and early savings, and offering debt counselling to individuals who are indebted to formal and/or informal financial sectors;
(ii) To educate the people in rural and urban areas with regard to various financial products and services available from the formal financial sector ;
(iii) To make the people aware of the advantages of being connected with the formal financial sector ;
(iv) To formulate debt restructuring plans for borrowers in distress and recommend the same to formal financial institutions, including cooperatives, for consideration ;
(v) To take up any such activity that promotes financial literacy, awareness of the banking services, financial planning and amelioration of debt-related distress of an individual;
The Financial Literacy Centres (FLCs) will impart financial literacy in the form of simple messages like Why Save, Why Save early in your Life, Why Save with banks, Why borrow from Banks, Why borrow as far as possible for income generating activities, Why repay in time, Why insure yourself, Why Save for your retirement etc. The FLCs and rural branches of the banks would also conduct outdoor Financial Literacy Camps with focus on financially excluded people at least once a month. For the purpose, the help of experienced NGOs may also be taken. As the focus of the FLCs is on simple messages of financial literacy, no risks of misselling are expected. However, it will be the responsibility of the officer specifically identified for the purpose in LDM offices and rural branches of banks to ensure that misselling of financial products and services does not take place. The officials working at FLCs should be provided training in behaviour orientation so as to enable them to work as effective trainers along with periodic knowledge up gradation on various banking products and services. FLC Banga Counsellor : Balwinder Kumar Mob. No.:9914909113
2. Kisan Credit Card : Banks had launched the Kisan Credit Card Scheme based on the model scheme circulated by NABARD in August 1998.‘Kisan Credit Card Scheme’ has been implemented by the bank for the benefit of farmers. The Scheme improves upon existing scheme of Crop Loans by allowing the farmers flexibility and freedom of choice to avail and repay loans as per their requirements.

Salient features Scheme

  • Eligible farmers to be provided with a Kisan Credit Card and a pass book or card-cum-pass book.
  • Revolving cash credit facility involving any number of drawals and repayments within the limit.
  • Limit to be fixed on the basis of operational land holding, cropping pattern and scale of finance.
  • Entire production credit needs for full year plus ancillary activities related to crop production to be considered while fixing limit.
  • Sub-limits to cover short term, medium term as well as term credit are fixed at the discretion of banks.
  • Card valid for 3 to 5 years subject to annual review. As incentive for good performance, credit limits could be enhanced to take care of increase in costs, change in cropping pattern, etc.
  • Each drawal to be repaid within a maximum period of 12 months.
  • Conversion/reschedulement of loans also permissible in case of damage to crops due to natural calamities.
  • Security, margin, rate of interest, etc. as per RBI norms.
  • Operations may be through issuing branch (and also PACS in the case of Cooperative Banks) through other designated branches at the discretion of bank.
  • Withdrawals through slips/cheques accompanied by card and passbook.
  • Crop loans disbursed under KCC Scheme for notified crops are covered under Rashtriya Krishi Bima Yojna (National Crop Insurance Scheme), a crop insurance scheme introduced at the behest of Government of India to protect the interest of the farmer against loss of crop yield caused by natural calamities, pest attacks etc.
  • Personal Accident Insurance Scheme -Salient features

    Scheme covers risk of KCC holders against death or permanent disability resulting from accidents caused by external, violent and visible means, as under: Death due to accident (within 12 months of the accident) caused by outward, violent and visible means -- Rs.50,000/- Permanent total disability -- Rs.50,000/- Loss of two limbs or two eyes or one limb and one eye -- Rs.50,000/- Loss of one limb or one eye -- Rs.25,000/-

    • Nominated office of insurance company to issue a Master Insurance Policy to each DCCB/RRB covering all its KCC holders.
    • Premium payable Rs.15/- for a one year policy while Rs.45/- for a 3-year policy.
    • Designated insurance company will nominate one office at district level to function as nodal office for co-ordinating implementation of personal accident insurance scheme for KCC holders in the district.
    • Insurance coverage available under Policy only from date of receipt of premium at insurance company
    • Banks to ensure to incorporate name of Nominee in Kisan Credit Card-cum-Pass Book.
    • Simplified claim settlement procedure evolved under Scheme whereby an Enquiry-cum-Verification Committee comprising Branch Manager of implementing bank, Lead Bank Officer and representative of insurance company to certify nature of accident causing disability/death and recommend settlement of insurance claims.

3.Special Help Groups:

Promoting financial independence, bank is helping more than 390 special help groups in rural and urban areas.

4 .Electronic Benefit Transfer (EBT): The EBT scheme being an important and integral part of the overall Financial Inclusion with its attendant benefits, banks should promote EBT systems

5. Use of PACs and Primary Cooperatives as BCs:

PACs penetration in rural areas is far more than that of bank branches. Banks may make use of this largest rural network of cooperatives as business correspondents. Recent NABARD circular also envisaged that PACs can be utilized as BCs for CCBs/SCBs.

6. Tailor Made Services:

  • Innovative Products: Designing suitable innovative products to cater to the requirements of poor villagers at affordable rates is an absolute imperative.

    Financial Inclusion in Urban Areas:

    Generally, urban financial inclusion leaves vast scope for improvement. Migration from rural to urban centres is also accentuating the problem. Flexible advances are available in bank.

7.Jan -Dhan se Jan Suraksha:

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