Central Bank of India (CBI) has entered into a Memorandum of Understanding (MoU) with Unique Identification Authority of India (UIDAI) to work together for the roll out of financial inclusion and unique identification programmes.
The MoU was signed by Mr B.N.S. Ratnakar, General Manager of Central Bank of India, and Mr Rajesh Bansal, Assistant Director General, UIDAI, in the capital on Friday. It was signed in the presence of Mr Nandan Nilekani, Chairman, UIDAI, and Mr S. Sridhar, Chairman and Managing Director of Central Bank of India.
Under the MoU, Central Bank of India will collect biometric and demographic details of the existing customers of the bank as well as residents in villages. The details will be collected according to standards stipulated by UIDAI. The details will then be submitted to the UIDAI for issuance of the UID number.
UIDAI is developing the architecture and technical standards for an eco-system that will facilitate the financial inclusion programmes of banks. Regulatory approval for UID as having fulfilled the know-your- customer (KYC) requirements is under examination. It would then greatly facilitate opening of bank accounts of the rural poor.
Central Bank of India has opened around 35.88 lakh no-frills accounts. Out of the 18,972 villages allotted to the Bank, 100 per cent financial inclusion has been completed in 14,635 villages or about 77 per cent.
According to the financial inclusion plan of the bank submitted to the RBI, 5,500 villages with a population of over 2,000 would be covered for 100 per cent financial inclusion in 2010-11 and 34,500 villages with less than 2,000 by 2010-13 making a total of 40,000 villages.
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