Priority Sector

    
United Gramin Sahaj Credit Card

In line with the RBI's decision to extend banking services to the small man under the financial inclusion concept RBI issued the guidelines vide RPCD.CO.No.RPB.BC.59/03.05.33(F)/2005-06 dated 27.12.2005 for introducing of General Credit Card Scheme. Pursuant to that guidelines, we are to introduce above-named United Gramin Sahaj Credit Card Scheme (UGSCC) with immediate effect.

The Salient features of United Gramin Sahaj Credit Card Scheme are as under:

The scheme shall cover general credit needs of our customers in rural and semi urban areas. The objective of the scheme is to provide hassle free credit for any purpose to the customers based on the assessment of income / cash flow of the household without insisting for purpose & ensuring end use of the fund & without insisting collaterals etc. - in line with issuing of General Credit Card. Implementation

The scheme will be implemented in all rural and semi urban branches of the bank. Nature of accommodation

The credit facility to be extended under the scheme will be in the nature of revolving overdraft facility. The UGSCC holder will be entitled to draw cash from the branch from where the limit will be sanctioned and a passbook will be issued stating the limit etc. affixing photograph. Eligibility

Any individual household having regular income from salary, business, profession and any other economic activities (Farm and Non Farm activities) like agriculture, pisiculture, dairy, poultry, piggery, duckery, transport operating, craftsmanship, artisanship, etc. Preference to be given to women beneficiaries under the scheme. Identification

Identification of the key person of the household in whose name the limit will be sanctioned to be made from salary certificate, book of accounts, ration card, voter identity card, certificate from Panchayat, etc. All existing defaulter loanees will be kept outside the purview of the scheme.

Branch managers are advised to utilize the services of local Post offices, schools, Primary Health Centre, local Govt. Functionaries, Farmers' Association/ Club, well-established community based agencies and civil society organisations for sourcing of borrowers for issuing UGSCC. Quantum of limit

Maximum Rs.25,000/- per individual household.

The limit to be fixed based on the assessment of income and cash flow of all the earning members of the household. However, it is suggested that the limit to be fixed on the basis of annual income of the household as under -

To begin with the branch may fix lower limit. However, depending upon the experience and the conduct of the account the limit can be enhanced as suggested above. In this connection for annual income up to Rs.100000/- self declaration of income by the borrower will be sufficient. However, the Branch Manager will make appropriate assessement of income after making enquiry from the available sources. For annual income above Rs.100000/- the borrowers are to submit necessary documents for justifying their annual income. Interest rate

Rate of Interest is liable to be changed from time to time as per H.O. guidelines. For the women beneficiaries .50% concession is provided.