Indian Bank, a Government-owned banking institution, has established the first of its Financial Literacy and Credit Counselling Centres (FLCC) in Dharmapuri, one of the 32 districts in Tamil Nadu on the Southeast coast of India. The FLCCs are being established under the umbrella of the newly created Indian Bank Trust for Rural Development (IBTRD). FLCCs will provide information on various financial products and services and advice on managing debt and finances as well as helping people to understand their rights and responsibilities with regards to finances. A proposed second FLCC may open in Puducherry a Union Territory bordering Tamil Nadu. The FLCCs will provide information at no charge to the client. Additionally, training institutes entitled Indian Bank Self Employment Training Institute will be established under the IBTRD in Andhra Pradesh, Tamil Nadu and Puducherry.
This comes just five months after Indian Bank announced the launch of its special ‘Micro State Branches’ established for Self Help Groups (SHGs) to access microfinance. So far twelve Micro State Branches have been established, and Dharmapuri will be the location of the thirteenth. The relationship between the FLCCs and the Micro State Branches has not been publicly reported or defined by Indian Bank, nor was whether the information provided by the FLCCs will encompass those of the banking sector in general or just in relation to what is offered by Indian Bank.
Indian Bank was established in 1907 and is a government-owned bank with over 1500 branches throughout India. The total assets in March 2008 were reported at Rs. 705 billion (USD 14.3 billion) with a return on assets of 1.6 percent in September 2008.
By Lori Curtis, Research Assistant
Additional Resources:
Business Standard: “Indian Bank to launch exclusive facility for women”
Capital Market Plus: “Indian Bank Analysis”
Indian Bank: “Home” “March 2008 Financial Results” “September 2008 Un-audited Half Yearly Financial Results”
Trading Markets: “Indian Bank Starts First Financial Counselling Centre“
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