Business Daily from THE HINDU group of publications
Thursday, Jan 17, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 17, 2008 ePaper | Mobile/PDA Version |
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Opinion
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Letters Financial inclusion Based on the recommendations of an expert committee on financial inclusion headed by the former RBI Governor, Mr C. Rangarajan, every bank branch has been asked to open at least 250 new accounts. This approach, while well-meant, could be flawed as an individual can open more than one account. To achieve targets, branches may open multiple accounts of the same individuals, which will defeat the very purpose of financial inclusion. This seems to have actually happened, because the “Quarterly statistics on Deposits and Credit of Scheduled Commercial Banks, September 2007” released by the RBI confirms that the share of the top 100 centres has increased, both year on year and sequentially, from March 2007 onward. Skin-deep implementation of an inclusion policy will make it just a ritual with no palpable results. Instead, each bank branch should be asked to adopt a village or a locality, and aim to cover all the eligible individuals in that area. Kaushal Kishore Mumbai More Stories on : Letters | Banking
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