PNB launches rickshaw pullers project ‘functional financial inclusion’ programme

Jammu, Feb 25: Under Functional Financial Inclusion, Punjab National Bank has launched a scheme for rickshaw pullers who are socially and economically deprived class of the society. The main objective is to bring a dignity to their profession and improve their standard of living. Dr. K.C. Chakrabarty, Chairman & Managing Director of Punjab National Bank launched PNB Rickshaw Pullers Project in Meerut at a special function organized by Circle Office: Meerut.

Under this programme, the Rickshaw Pullers were provided with specially designed Rickshaws financed by the bank. Generally, the rickshaw pullers do not have their own rickshaws and they rent the rickshaws which results in a large chunk of their income going to the rickshaw contractors. Thus, they cannot lead a comfortable life despite the hard work put in by them and perennially trapped in debt. This project endeavours to provide loans to rickshaw pullers to own their rickshaws and to improve their income as well as standard of life. It is envisaged that under all the this project, 5000 Rickshaws would be financed by end March 2010. The bank already has 4 such Rickshaw projects going on in Varanasi, Patna, Allahabad and Lucknow. Under all our rickshaw projects, the bank plans to finance 1 lac rickshaw pullers under in next 5 years.

Dr Chakrabarty said that the bank has a vision for financially strengthening a majority of population by providing banking facility and financial services at a fair cost to a vast low income population deprived of facilities based on transparency and equality through financial inclusion. This is going to be achieved through technology and with the help of Business Correspondents/business Facilitators. Till now the bank has already launched 16 pilot projects out of 34 planned pilot projects. The bank aims to cover 1,00,000 villages, 12 million households and 60 million people under financial inclusion by 2013. Dr. Chakrabarty told that PNB is marching ahead in the field of technology. With 4871 SOLs at 2553 centres, the bank is having the largest network of CBS SOLs, facilitating around 3.76 crore customers with ‘anytime and anywhere’ banking.

The bank has international presence as well with 3 overseas branches (Kabul, Hong Kong and OBU, Mumbai), 4 Representative offices (Shanghai, Almaty, Dubai and Norway) and a subsidiary in London (PNBIL). PNBIL has recently opened a branch at Leicester to cater to the needs of large section of people of India origin.