Financial Daily from THE HINDU group of publications
Saturday, Dec 03, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 03, 2005 |
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Money & Banking
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Public Sector Banks Industry & Economy - Rural Development Indian Bank plans new model to improve rural penetration — 'Better connectivity, not more branches' Our Bureau
Coimbatore , Dec. 2 INDIAN Bank has envisioned a project for taking the banking technology to the rural areas. It is a dream project for its Chairman and Managing Director, Dr K. C. Chakrabarty, who is intent on making Indian Bank `a common man's bank'. "We are working out a business model by imbibing technology, to bring every citizen into the banking fold. But this would be possible only by establishing connectivity in all the villages," he said. According to him, only 28,000 villages out of the six lakh villages in the country had at least one branch of a bank. "The penetration is still low. We need to reach out to inculcate the banking habit. Instead of looking at expanding the branch network, we can establish connectivity, which would enable the rural populace access their account. Today, financial exclusion is a part of social exclusion," he added. Dr Chakrabarty, however, pointed out that this effort would need the support of the State Government in terms of providing a space for establishing the facility. "The bank alone cannot take it forward. We need to have the bandwidth connectivity," he said. The bank is planning to take it on a pilot basis. It is gearing up to start the project in about a month's time. The bank would invest Rs 300 crore in technology over the next two-three years
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