The Union Bank of India, the lead bank of Ernakulam district, has set up the first financial-literacy and credit-counselling centre in the district at Perumbavoor. D. Subbarao, Governor, Reserve Bank of India (RBI), recently visited the centre, accompanied by Suma Varma, Regional Director of the apex bank in Thiruvananthapuram. M.V. Nair, Chairman and Managing Director of the Union Bank, and Mayank Mehta, Regional Head, were present. Such centres, recommended by a high-power committee headed by Usha Thorat, former RBI Deputy Governor, on the lead-bank scheme, are being set up in every district to provide counselling through face-to-face interaction or e-mail, mobile phone, fax and other media. Special stress is being laid on educating people in rural and urban areas on various financial products and services available from the formal financial sector and making them aware of the advantages of connecting with the sector. Ideas are disseminated for formulating debt-restructuring plans for borrowers in distress and recommending them to formal financial institutions, including cooperatives, for consideration and taking up such activity that promote financial literacy, awareness of banking services, financial planning and amelioration of debt-related distress of individuals.
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