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PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006
punjab national bank
the name you can BANK upon !
Experience sharing
April 10, 2023
FINANCIAL INCLUSION
Summer Training Project
Pratik Jain
(08th June – 31st July)
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006
OBJECTIVE OF STUDY
To know the measures and initiatives taken by the
PNB to help SHG and financially challenged
people under Financial Inclusion project.
To know the level of Financial Inclusion in the
nearby areas of Gandhi Nagar.
the name you can BANK upon !April 10, 2023
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006
BANKING THE UNBANKED
PNB Endeavour for empowerment of
socially and economically
challenged.
the name you can BANK upon !April 10, 2023
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006the name you can BANK upon !
PNB Financial Inclusion
Status of initiatives already taken:
PNB is running FI projects at 75
locations.
o 67,000 a/c’s were opened recently.
o Different technology providers’
solution are being tried. ( like FINO
etc…)
PNB having a customer base of around 3510000 under Financial Inclusion project.
All delivery points are managed through BC.
April 10, 2023
Two models
-No frill account at the branches
-smart card enabled , BC supported FI
Bank plans to cover 30000 villages by 2010
Initial Focus on covering Indo-gangetic Belt including States:
RajasthanHaryanaPunjabHPUPBiharJharkhandWBOrissa
April 10, 2023April 10, 2023 the name you can BANK upon !
Across the length and breath of the country.
PNB Financial Inclusion - vision
•Provide affordable credit
•Branchless Banking
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006the name you can BANK upon !
PNB Financial Inclusion
Pilot Projects Undertaken by PNB:-
April 10, 2023
First pilot project to bring the urban poor into the banking fold at Ludhiana, with the opening of 12,000 'No Frills Deposit' accounts.
3 October, 2008 in Rajasthan (1,00,000 + till march 09) Jan. 3, 2009 in Saharanpur district of Uttar Pradesh. The bank had earlier launched similar projects in Bihar and other states.
Recent & Most Successful projects
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006the name you can BANK upon !
Task Assigned 7 schools were assigned to our team of 2
trainees under supervision of Mr. D.C Sagar, the head of this project.
Direct to schools approach was adopted to open up a/c’s for students.
Our task was to personally meet the principals of these schools and chalk out the strategy for opening accounts of students.
To make sure that each student is covered under this mission.
Number of accounts opened in the training
period was 4800 (approx) by our team of two trainees. April 10, 2023
Other Tasks:-•Customers Enquiry
•KYC Forms
•CST & DVAT Vouchers
•Loans
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006the name you can BANK upon !
SurveyThe following Questions were asked to
respondents:-
The occupation of the respondent, educational qualification, the source of income for the family and whether the respondent had an account, if so then which bank.
About the awareness of new measures for financial inclusion like no-frills account, and relaxation of KYC norms for accounts
The reasons for exclusion. The credit requirements and whether they had availed or are interested
in availing credit from banks and for what particular reason. The use of financial services and instruments and also the frequency of
them going to banks to measure financial awareness. Reach ability of student account opening campaign of PNB to their
homes. Impact of student account opening and Financial Inclusion campaign of
P.N.B.
April 10, 2023
•Gandhi Nagar and nearby areas.
•150 households
•above 25 years
Own effort
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006the name you can BANK upon !
SuggestionsCareful analysis of all the responses given by
respondents helped in having a clear picture about the progress & level of financial inclusion in the concerned areas on the basis of which following suggestions were made:-
Private Public Collaboration
Retired bank employees as Business Correspondents
Separate department following a professional approach
Strengthening financial literacy: With already achieving a considerable 47% of financial inclusion in the area, the rest 53% need to be brought into mainstream.
ATMs cash dispensing machines can be modified suitably to make them user friendly for people who are illiterate, less educated or do not know English
April 10, 2023
•Banks should give wide publicity to the facility of no frills account.
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006the name you can BANK upon !
Conclusion
Relatively low margins on high volumes can be a very profitable proposition.
Technology can be a very valuable tool in
providing access to banking products in remote areas.
Financial inclusion can emerge as
commercial profitable business. Only the banks should be prepared to think outside the box!
April 10, 2023
•Long term gains.
•Low margins high volumes
PUNJAB NATIONAL BANK – HO: I T DIVISIONPUNJAB NATIONAL BANK – HO: I T DIVISION1919THTH June 2006 June 2006the name you can BANK upon !April 10, 2023
Thank You !
MBA Sec-A
