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The lead bank scheme of the RBI will now apply to metros also. Hitherto it was applicable to all the districts, excluding metropolitan areas, mainly rural areas.
The shift in policy is to address the problem of financial exclusion among the poor and disadvantaged sections of the community in the major cities also. The RBI had indicated this at the time of its annual policy announcement in May this year.
Accordingly, it has been announced by the RBI that Bank of India will be the lead bank for Mumbai, Indian Overseas Bank will be the lead bank for Chennai, while SBI will handle that responsibility for Kolkata and State Bank of Hyderabad for Hyderabad. For Delhi, the responsibility will be shared by SBI, Punjab National Bank, Oriental Bank of Commerce and Canara Bank.
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