Bank of India undertakes Financial Literacy & Financial Inclusion for Adivasi School Children at Aarey Colony


By Vivek K Mob: 00919820310487 E-mail:

Bank of India, Mumbai North Zone has undertaken various steps towards Financial Literacy and Urban Financial Inclusion in a big manner. In keeping with its Corporate Social Responsibilities, Bank of India has been opening accounts of those poor people who were deprived of banking services.

And true to the Bank’s slogan ‘Relationship beyond banking’, Reserve Bank of India rightly entrusted the task of Financial Inclusion of downtrodden and Slum dwellers in Mumbai city to Bank of India. Bank of India has taken a lead and is committed to fulfill the expectations of RBI and the national goal.

As per Reserve Bank of India Policy decision, Lead Bank system is to be implemented in all metropolitan cities in India. Mrs. V.R. Iyer, Chairperson and Managing Director, Bank of India has a taken keen interest in getting Lead District responsibility in both Mumbai City and Mumbai Suburb Districts with a view to cater to the needs of downtrodden and poor people in these districts.

Bank of India has identified Aarey Colony Area for implementation of Financial Inclusion Programme. In Aarey Colony, BMC School No.16, there are 2 Marathi Medium, 2 Tamil Medium and 1 Hindi Medium Schools, where children study up to 7th Standard. There is one Higher Secondary School where children study up to 10th Std. In all 2636 students study in these schools. The majority of the children are adivasi children. These Adivasi children get Rs.2500/- per student per year aid from the Government . We have started opening the accounts of these students under Financial Inclusion to ensure that the aid meant for the students is directly received in these accounts.

We have arranged a program for the adivasi children to educate them on safety and security considering the recent incident of a 11 years old child attacked by a Tiger. The program will be held on 30.11.2013 at BMC School-No 16 at 2.00Pm. The children of the school will be guided by experts on safety and security aspects.

At Aarey, there are 7 padas, where there are no street lights. Bank of India has decided to donate 7 Solar Street lights to these padas. The street lights can be a deterrent for the forest animals.

Mrs. V.R. Iyer, Chairperson of Bank of India was the Chief Guest of the function. Along with her, Shri. Sanjay Deshmukh, Collector – Mumbai Suburb was the guest of honor.



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