Police Commissioner release book titled “Reaching Out to the Unreached: the Corp Bank Way”

Police Commissioner release book titled “Reaching Out to the Unreached: the Corp Bank Way”

Mangalore Today News Network

Mangalore, Sep 29: City police commissioner, Seemanth Kumar Singh released a book titled “Reaching Out to the Unreached: the Corp Bank Way” based on Corporation Bank’s financial inclusion model and written by Dr. N. K. Thingalaya, Dr. M. S. Moodithaya and Dr. N. S. Shetty in the conference hall of Corporation Bank’s Corporate Office on September 29, Thursday. 

Speaking after the book release, Seemanth Kumar Singh said that the book based on branchless banking theme is unique and will encourage rural people into banking. He hoped that crime rate will be reduced as more branchless banking spreads to rural areas.

 

The Police commissioner appreciated the efforts taken by the Bank and the professors who have conducted survey on the bank’s financial inclusion model. He was happy to know that the newly released book even speaks about financial inclusion in Jharkhand, a very remote and difficult area of the country.

Corporation Bank, in its quest to understand the requirements of rural communities, had engaged Justice K. S. Hegde Institute of Management Nitte to conduct a study on how far banking facilities have reached and the impacts of financial inclusion in villages where the bank has implemented branchless banking. Dr. N. K. Thingalaya, the former chairman and managing director of Syndicate Bank; Dr. M. S. Moodithaya of Global Initiatives at Nitte; and Dr. N. S. Shetty had developed a format and had conducted a comprehensive survey across various villages in India. The findings have been included in the newly released book, which is meant to serve as a compendium for fellow bankers, organizations, and academicians who are interested in models of bringing banking facilities to rural communities. 

Dr. K. C. Chakrabarty, the deputy governor of Reserve Bank of India, wrote the foreword for this book, which also carries a message by Mr. D. K. Mittal, the secretary for the department of financial services, Ministry of Finance, Government of India. 

Chairman and MD of Corporation Bank Ramnath Pradeep and former chairman and MD of Syndicate Bank Dr. N. K. Thingalaya also spoke on the occasion. 

Ramamurthy, the GM of the Financial Inclusion Department of Corporation Bank, who published the book, delivered the welcome address. 

Corporation Bank’s Branchless Banking

Corporation Bank is among the pioneers in introducing branchless banking as a financial inclusion instrument, through which it has taken banking facilities to the most remote villages. This unique model uses the business correspondent, who is a permanent resident of the village and available to them at all hours. 

Branchless banking is a technology-enabled, low-cost, alternative delivery channel taking basic banking services to rural communities through business correspondents at low cost and in a secure manner. It encourages customers to open accounts and initiate transactions. The model solves villagers’ problems of access to financial services, affordability of these services, and utilization of these services.