Private sector lender TamilNad Mercantile Bank has introduced smart cards at Karadipatti Village in Thiruparankundram Taluk located about 16 km from Madurai as part of its financial inclusion plans.

This happens to be the first major financial inclusion plan of the bank and it aims to take it to 31 more villages.

Promoting the project as well as the concept of business correspondents (BCs) and their role, RBI deputy governor, Mr K C Chakraborty said, "The branch manager was known as an agent 50 years back. Today, the BC is your agent."

"When an individual opens a bank account, he becomes a part of the growth process. The interest earned thereon is a saving and having an account would help when the person is in need of financial support," he said.