Mr Justice Antony Dominic of the Kerala High Court has called upon banks and other financial institutions to pay more attention to providing the poor and other socially backward sections easy access to credit at affordable cost.

This would help attain the goals of financial inclusion in the country, he said, while inaugurating the 20{+t}{+h} Annual Management Convention on ‘Financial Inclusion,' organised by the Trichur Management Association (TMA).

The Judge also exhorted the young professionals to take full advantage of the enormous opportunities thrown up by the high GDP growth rates by acquiring the necessary capabilities, expertise and skills to deliver the goods demanded by the economy. In this context, he complimented TMA for promoting professional management in the region and addressing the needs of the professionals.

Delivering the keynote address, Mr Bhaskar Sen, Chairman and Managing Director, United Bank of India, underlined the vital role of banking sector in achieving financial inclusion and inclusive growth. He called upon banks to address the problem of huge credit gap and resource constraints they face today.

Initiatives taken

In this context, he referred to the large number of initiatives taken by United Bank of India during the last few years to extend financial services to the underprivileged. They include big expansion of branches in rural areas, implemention the KYC (know-your-customer) policy and no-frills-accounts, and appointment of business correspondents, as suggested by the RBI.

Mr Sen was of the view that it would be possible to achieve the target of extending financial services to all the six lakh villages in the country by 2020. Mr T. S. Anantharaman, President, TMA, delivered the presidential address, and Mr Sony C. L., proposed the vote of thanks.

Related Topics
comment COMMENT NOW