The Circular No F. No. 6/23/2012-FI, can be accessed here.
The first step in Urban Finance Inclusion is to ensure that each Urban family has at least one Bank Account.
The Mode of Operation should be preferably ‘Any or Survivor’, to minimise operational issues either from the Bank end or the Account Holders end.
The other highlights of the Circular are :
a) Biometrics are to be obtained while opening the bank accounts.
In the coming days, there should be more clarity on the need to obtain Biometrics, while opening bank accounts, as UIDAI’s-AADHAAR already captures the person’s biometrics.
b) The Chief Coordinator for this project will be the Lead District Managers wherever the Urban Districts have a LDM or a duly authorized senior officer of the SLBC convener bank.
c) The allocation of branches for opening of accounts as above by LDM/ duly authorized officer be subsequently got ratified by SLBC.
d) Wards in a district will be the allocation unit.
e) Though this particular letter is addressed to SLBC Convenor Banks, the ambit covers PSBs,Pvt. Sector Banks,Cooperative Banks,RRBs ( through sponsor PSBs)
Usually, the Finance Ministry’s guidelines apply only to PSB’s, this particular circular is being sent to all types of Banks in India.
Therefore, the Private Sector Banks too are expected to do their bit in opening Bank Accounts under Financial Inclusion plan of the Government, either in Rural or Urban areas.
Go out and open a Bank account, if you have not yet opened one. As Safe ePayments Motivator, what excites me is the more the Bank Accounts, the more ePayments will spread fast.