Public sector bank Bank of Baroda (BoB) has launched a Mobile Micro Loan Factory (MMLF) in Sultanpur district of Uttar Pradesh as part of its financial inclusion programme in the state.
The mobile unit would target the Self Help Groups (SHGs) in the district to offer them easy credit at doorsteps on low interest rates.
Besides, the bank launched a Financial Literacy and Credit Counselling (FLCC) centre at Amethi to offer financial advise to the rural populace. This was the second MMLF and FLCC in UP after Rae Bareli.
“We are taking all steps to enable the people living in rural areas avail of easy credit to save them from falling into debt trap due to ignorance of various financial products available in the market,” BoB executive director N S Srinath said at a conference call.
He said the State Level Bankers’ Committee (SLBC) had decided for total financial inclusion during 2010-11 of all the villages in UP having population of more than 2,000.