The Reserve Bank of India has issued guidelines to the banks to provide banking services for persons with visual impairment and also make arrangements for such people so that they can easily use the banking services. The RBI has asked the banks to make provision at ATM for physically handicap people and visually impaired.
Working on these guidelines the Punjab National Bank (PNB) is the first commercial bank to launch an exclusive credit card scheme for the community.
Although banks are widely providing credit cards to persons with vision challenge, but this is the first time a bank is providing special scheme for the community.
On May 31, PNB issued guidelines to its branch offices across the country to accept application forms from visually impaired customers who have accounts with them for six months and have ‘satisfactory track record’.
According to circular the visually challenged within the age group of 18 to 65 yrs, with the minimum education of Standard 10 and possess a screen reader enabled mobile phones, are eligible for taking this credit card.
The bank is asking visually challenged persons to give personal undertaking declaring that they are taking responsibility for the judicious use of the card. The card is being issued to both salaried employees and self employed individuals based on income and address proofs.
However many persons with vision challenge are still struggling to get debit cards, make use of internet banking and other facilities, but the move by PNB to provide credit cards to the visually challenged has been welcomed by the community.
Akhilesh a visually impaired person working for a famous BPO company in Bangalore said, “Credit cards have become an important aspect of the way we transact today.” He said, "The move by PNB to issue credit cards especially for persons with vision impairment is a nice thing indeed. Hopefully this would extend to other services they provide for able-bodied customers."
But few of them from the community have questioned the requirement for an undertaking. One visually challenged person who has been struggling to get banking services, said, "We don't know if such undertakings are asked from other customers. Anything asked from us only because we are disabled has to be opposed."
He said, “Though the bank has provided the service, it remains to be seen if branch managers and other officials actually understand the significance of it and extend credit card services to us.”
Tuesday, June 8, 2010
Tuesday, May 25, 2010
PNB account holders get Oriental Insurance policy
Punjab National Bank (PNB) account holders will now get a unique health insurance scheme launched by Oriental Insurance.
During the launch of policy PNB executive director Nagesh Pydah told reporters, 'The policy covers the insurance proposes, spouse and two dependent children. Persons up to 80 years of age can be covered under the policy.”
Last year, a bancassurance deal was signed between the state-owned general insurer and the PNB for the distribution of insurance policies at bank counters.
Oriental Insurance's deputy general manager G. Anandan said insurance cover will be available from Rs.100,000 to Rs.500,000 on floater basis. All the family members will be covered under a single sum insured and the premium will be uniform across all age groups.
During the launch of policy PNB executive director Nagesh Pydah told reporters, 'The policy covers the insurance proposes, spouse and two dependent children. Persons up to 80 years of age can be covered under the policy.”
Last year, a bancassurance deal was signed between the state-owned general insurer and the PNB for the distribution of insurance policies at bank counters.
Oriental Insurance's deputy general manager G. Anandan said insurance cover will be available from Rs.100,000 to Rs.500,000 on floater basis. All the family members will be covered under a single sum insured and the premium will be uniform across all age groups.
Wednesday, May 5, 2010
PNB opened fifth branch in UK at Ilford
Punjab National Bank, a public sector lender wholly owned subsidiary Punjab National Bank (International) Ltd located in UK has opened a fifth branch in the UK at Ilford, east London and plans to add two more this year.
Punjab National Bank (PNB) Chairman and Managing Director K R Kamath told that the two new branches will be opened at Wembley and Wolverhampton.
PNB is having more than 5,000 branches, 56 million customers and a total business of Rs 4.37 lakh crore.
Apart from pan-India operations, it has also opened branches in nine countries including UK, Hong Kong, the UAE (Dubai), China, Norway, Kazakhastan, Nepal, Bhutan and Afghanistan.
PNBIL MD S R Sharma told bank has a customer-centric approach and offers technology-based products like Chip & PIN-based debit card, Internet banking, competitive interest rates which has helped it in expanding its customer base and increase its profits rapidly.
Punjab National Bank (PNB) Chairman and Managing Director K R Kamath told that the two new branches will be opened at Wembley and Wolverhampton.
PNB is having more than 5,000 branches, 56 million customers and a total business of Rs 4.37 lakh crore.
Apart from pan-India operations, it has also opened branches in nine countries including UK, Hong Kong, the UAE (Dubai), China, Norway, Kazakhastan, Nepal, Bhutan and Afghanistan.
PNBIL MD S R Sharma told bank has a customer-centric approach and offers technology-based products like Chip & PIN-based debit card, Internet banking, competitive interest rates which has helped it in expanding its customer base and increase its profits rapidly.
PNB opened fifth branch in UK at Ilford
Punjab National Bank, a public sector lender wholly owned subsidiary Punjab National Bank (International) Ltd located in UK has opened a fifth branch in the UK at Ilford, east London and plans to add two more this year.
Punjab National Bank (PNB) Chairman and Managing Director K R Kamath told that the two new branches will be opened at Wembley and Wolverhampton.
PNB is having more than 5,000 branches, 56 million customers and a total business of Rs 4.37 lakh crore.
Apart from pan-India operations, it has also opened branches in nine countries including UK, Hong Kong, the UAE (Dubai), China, Norway, Kazakhastan, Nepal, Bhutan and Afghanistan.
PNBIL MD S R Sharma told bank has a customer-centric approach and offers technology-based products like Chip & PIN-based debit card, Internet banking, competitive interest rates which has helped it in expanding its customer base and increase its profits rapidly.
Punjab National Bank (PNB) Chairman and Managing Director K R Kamath told that the two new branches will be opened at Wembley and Wolverhampton.
PNB is having more than 5,000 branches, 56 million customers and a total business of Rs 4.37 lakh crore.
Apart from pan-India operations, it has also opened branches in nine countries including UK, Hong Kong, the UAE (Dubai), China, Norway, Kazakhastan, Nepal, Bhutan and Afghanistan.
PNBIL MD S R Sharma told bank has a customer-centric approach and offers technology-based products like Chip & PIN-based debit card, Internet banking, competitive interest rates which has helped it in expanding its customer base and increase its profits rapidly.
Wednesday, March 10, 2010
PNB to adopt blocks to rescue farmers from clutches of moneylenders
Punjab National Bank (PNB) had launched ‘Debt Swap Scheme’ for the villagers but this scheme progress has been very slow. Considering this bank has decided to adopt a block in each district and this way it will be able to rescue the farmers from the clutches of moneylenders who charge very high rate of interest.
In view of this bank has revised the conditions of the Debt Swap Scheme. According to the state provisions majority of moneylenders are not registered and they give money privately without any documentary proof. Thus, they do not issue any certificate to the farmers. To stop this practice, PNB has planned to provide finance under the scheme on the basis of affidavit of the farmer. Also farmers won’t require obtaining a certificate of the moneylender discharging the borrower from total liability has been snapped.
Therefore, if the borrower requests for loan and branch manager agree to it, the entire loan of Rs 50,000 will be credited in borrower’s saving or Kissan Credit Card and the receipt for repayment from the moneylender might not be required.
In the beginning, at the Bamial Block of Gurdaspur the scheme was launched. Till September 2009, farmers from 10 villages have been rescued. Therefore seeing the success of the scheme banks have decided to introduce it in other districts.
As per the SLBC (state level bankers committee) data, compiled by Punjab National Bank, during the financial year 2009-10, bank has set a target to distribute Rs 27,122.54 crore. Also, for the debt swap it has set a target (on the basis of 3 per cent of agriculture) of Rs 813.68 crore.
Since the launch of the Debt Swap Scheme none of the private sector and cooperative banks in Punjab have provided assistance to farmers. Only regional rural banks and public sector banks have provided assistance to the farmers under the scheme.
In the state out of the total debt of over Rs 30,000 crore, the non-institutional loan share amounts to around Rs 14,000 crore.
Thus, banks can play a positive role in saving the farming community from distress under the Debt Swap Scheme.
According to analysis up to September 2009 under the scheme the major banks like Andhra Bank, Bank of Baroda, Corporation Bank, Bank of Maharastra, Dena Bank and Indian Bank and all private sector banks have not assisted even a single farmer.
In view of this bank has revised the conditions of the Debt Swap Scheme. According to the state provisions majority of moneylenders are not registered and they give money privately without any documentary proof. Thus, they do not issue any certificate to the farmers. To stop this practice, PNB has planned to provide finance under the scheme on the basis of affidavit of the farmer. Also farmers won’t require obtaining a certificate of the moneylender discharging the borrower from total liability has been snapped.
Therefore, if the borrower requests for loan and branch manager agree to it, the entire loan of Rs 50,000 will be credited in borrower’s saving or Kissan Credit Card and the receipt for repayment from the moneylender might not be required.
In the beginning, at the Bamial Block of Gurdaspur the scheme was launched. Till September 2009, farmers from 10 villages have been rescued. Therefore seeing the success of the scheme banks have decided to introduce it in other districts.
As per the SLBC (state level bankers committee) data, compiled by Punjab National Bank, during the financial year 2009-10, bank has set a target to distribute Rs 27,122.54 crore. Also, for the debt swap it has set a target (on the basis of 3 per cent of agriculture) of Rs 813.68 crore.
Since the launch of the Debt Swap Scheme none of the private sector and cooperative banks in Punjab have provided assistance to farmers. Only regional rural banks and public sector banks have provided assistance to the farmers under the scheme.
In the state out of the total debt of over Rs 30,000 crore, the non-institutional loan share amounts to around Rs 14,000 crore.
Thus, banks can play a positive role in saving the farming community from distress under the Debt Swap Scheme.
According to analysis up to September 2009 under the scheme the major banks like Andhra Bank, Bank of Baroda, Corporation Bank, Bank of Maharastra, Dena Bank and Indian Bank and all private sector banks have not assisted even a single farmer.
Friday, February 26, 2010
PNB in coordination with RBI opens biometric ATM for financial inclusion
The Reserve Bank of India (RBI) has been promoting financial inclusion in unbanked areas and has also been pushing the banks to offer banking facilities in these areas. In view of this RBI is planning to issue new guidelines on the business correspondent (BC) model so that banking services can be spread across more remote areas.
H R Khan, executive director, RBI, said at function organized at Ranikhera village, a rural area near New Delhi, “We are working on a fresh set of guidelines for the business correspondents’ model that would help in greater financial inclusion. At present, the model is too restrictive and we are constantly examining the correspondent model to make it more operative”. Khan was speaking at a function organized to commence banking facilities in the unbanked area.
Punjab National Bank, in coordination with RBI has opened a biometric ATM at Ranikhera village in order to provide banking facilities in the area. The biometric facility will make easy for people to operate ATM. The ATM will operate with the help of physical identification such as impression of finger or the palm.
Several other banks such as Syndicate Bank, State Bank of India, Oriental Bank of Commerce will be opening many such ATM branches.
Khan added, “PSU banks can set up an international benchmark with its strong technology with a focused approach to expand access to finance for the common man staying in unbanked areas.”
This ATM counter will cover four villages and approximately 300,000 villagers will be able to use this facility.
Nagesh Pydah, executive director, Punjab National Bank said, “There is an immense potential in the far-flung areas of our country. Around 65 per cent of India doesn’t have a bank account. Therefore, our approach is always to work towards the financial inclusion and provide knowledge of banking in those areas.”
BCs model is an intermediary facility through which banking transaction is possible using the formal banking system in villages or in areas where it is not possible for the people to reach a bank branch. BCs include entities such as kirana shop owners, public call office operators and retired teachers, among others.
BCs are intermediaries who facilitate banking transactions with the formal banking system in villages or in areas where it is not possible for the people to reach a bank branch. BCs include entities such as kirana shop owners, public call office operators and retired teachers, among others.
Speaking on the occasion, Sandip Ghose, regional director, Reserve Bank of India, said the central bank is working to improve financial literacy among the people.
Ghose added, “We are adopting a cluster approach by setting up a platform that will cater to the underprivileged in a cluster of villages. We are also trying to increase the level of financial literacy among them.”
H R Khan, executive director, RBI, said at function organized at Ranikhera village, a rural area near New Delhi, “We are working on a fresh set of guidelines for the business correspondents’ model that would help in greater financial inclusion. At present, the model is too restrictive and we are constantly examining the correspondent model to make it more operative”. Khan was speaking at a function organized to commence banking facilities in the unbanked area.
Punjab National Bank, in coordination with RBI has opened a biometric ATM at Ranikhera village in order to provide banking facilities in the area. The biometric facility will make easy for people to operate ATM. The ATM will operate with the help of physical identification such as impression of finger or the palm.
Several other banks such as Syndicate Bank, State Bank of India, Oriental Bank of Commerce will be opening many such ATM branches.
Khan added, “PSU banks can set up an international benchmark with its strong technology with a focused approach to expand access to finance for the common man staying in unbanked areas.”
This ATM counter will cover four villages and approximately 300,000 villagers will be able to use this facility.
Nagesh Pydah, executive director, Punjab National Bank said, “There is an immense potential in the far-flung areas of our country. Around 65 per cent of India doesn’t have a bank account. Therefore, our approach is always to work towards the financial inclusion and provide knowledge of banking in those areas.”
BCs model is an intermediary facility through which banking transaction is possible using the formal banking system in villages or in areas where it is not possible for the people to reach a bank branch. BCs include entities such as kirana shop owners, public call office operators and retired teachers, among others.
BCs are intermediaries who facilitate banking transactions with the formal banking system in villages or in areas where it is not possible for the people to reach a bank branch. BCs include entities such as kirana shop owners, public call office operators and retired teachers, among others.
Speaking on the occasion, Sandip Ghose, regional director, Reserve Bank of India, said the central bank is working to improve financial literacy among the people.
Ghose added, “We are adopting a cluster approach by setting up a platform that will cater to the underprivileged in a cluster of villages. We are also trying to increase the level of financial literacy among them.”
Monday, December 7, 2009
PNB installed first disabled-friendly ATM
Punjab National Bank a state-run lender considering its social responsibility has installed its first disabled-friendly ATM. PNB Chairman and Managing Director K R Kamath inaugurated biometric automated teller machine (ATM) at the Action for Ability Development and Inclusion (AADI) campus to celebrate International World Disability Day. In few years bank is expected to set up more such machines in the city.
During the inauguration Kamath said, "As part of PNB's corporate social responsibility, we brought in the initiative of disabled-friendly ATMs and we hope to bring in more and more such ATMs in the years to come".
Although, Kamath, did not specified that how many ATMs will be set up by PNB and in how much time.
The biometric ATM reduces the use of a debit card and can be accessed by reading biological features like finger prints, retina and face recognition.
During the inauguration Kamath said, "As part of PNB's corporate social responsibility, we brought in the initiative of disabled-friendly ATMs and we hope to bring in more and more such ATMs in the years to come".
Although, Kamath, did not specified that how many ATMs will be set up by PNB and in how much time.
The biometric ATM reduces the use of a debit card and can be accessed by reading biological features like finger prints, retina and face recognition.
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