|
|
 Online Services |
|
|
|
|
|
 Credit Counselling Service (Abhay)
|
|
Address by CMD
|
|
Bank of India being a major bank in the public sector, always endeavours to strike a viable equilibrium between commercial objectives and social responsibilities. As reaffirmation of our commitment to the corporate mission, we in our centenary year, propose to offer, free of cost, Credit Counselling Services to the common man to enable him to lead a respectable life.
|
|
|
|
|
The spate of suicides committed by the hapless farmers of Vidarbha is a pointer towards the deficiencies in the social, technical and economic linkages coupled with ignorance about inaccessibility to and inadequacy of institutional support driving people to unscrupulous situations.
The increasing level of individual and household debt in metros / urban areas is another example of the uninitiated common man falling under the stressful burden of debt.
Thus there is a need to counsel both the metro/urban as well as the rural people about proper financial management taking advantage of organized lending avenues in debt resolution.
With a view to assisting those individuals who find it difficult to meet their financial commitments, Bank of India has sponsored a trust named "‘ABHAY” which offers Credit Counseling Services with the following objectives
|
|
Advising on gaining access to structured financial system including banking
Creating awareness among the public about financial management
Counseling people who are struggling to meet the repayment obligations and helping debt resolution
Helping in rehabilitation of borrowers in distress.
|
|
Friendly and timely guidance coupled with related support extended by the counsellors will not only mitigate the immediate stress of the trapped individuals and their households, but it will also help to infuse confidence in others who are in distress, irrespective whether they are customers of Bank of India or others.
Having regard to the different needs of customers in metro/ urban areas as compared to those in rural areas, we propose to set up Credit Couselling Centres under the aegis of "ABHAY" with the common objective but with different focus in metro/ urban and rural areas. The counseling centres will be manned by former bank staff, retired Govt. officials and volunteers who can contribute for the cause.
The trust “ABHAY” was formally launched at the hands of His Excellency President of India Dr. A.P.J. Abdul Kalam at New Delhi on 25th August, 2006. The first Credit Counseling Centre was inaugurated on 7th September 2006 at Mumbai at the hands of the Governor RBI, Dr. Y.V. Reddy. The second centre has been established at Wardha in Vidharbha on 22nd December 2006 and the third at Chennai on 25th January 2007 to be followed by such centres elsewhere in the country
M. Balachandran
Chairman and Managing Director
|
|
|