Mangalore : The Karnataka State Level Bankers’ Committee, Syndicate Bank and Vijay Bank have jointly sponsored a Trust under the name of ‘Jnana Jyothi Financial Literacy and Counseling Trust’ with its Registered Office at Manipal, said D T Pai, Chairman of Trust.

He was speaking at the press meet held at Syndicate Bank located at Milagres on October 20, Wednesday. He also said that the trust will extend free financial literacy and credit counseling services to existing and potential customers of all the banks in their 10 lead districts in Karnataka including Belgaum, Bijapur, Haveri, Bagalkot, Mandya and Bellary.

Explaining the objectives of the trust, he said that the trust provides financial counseling services through face to face interaction as well as through other available media like e-mail, fax, mobile etc. The bank will appoint business correspondents in every state and provided with the hand operating machine and people will be given the smart card for their convenience.
They will also create awareness of the advantages of being connected with the formal financial sector. It formulates the debt restructuring plans for the borrowers in distress and recommend the same to formal institutions, including co-operatives, for considerations.

The trust will open offices in 4 centres like Udupi, Mangalore today and Kumta on October 21, Thursday and Mandya on October 23, Saturday.
GVK Shetty, JS Shenoy and TV Bhat were present at the press meet.