RBI deputy governor KC Chakrabarty has said that with a proper business model and a strong delivery mechanism, banking for poor as a part of financial inclusion would be viable.
?Once in a month we should have a review at the branch level and circle level on financial inclusion. RBI has asked banks to prepare a three-year roadmap for financial inclusion in a bid to take the banking services to all households in the country,? he while chairing a panel discussion on financial inclusion organised by Skoch Consultancy Services.
Following RBI?s line of intention bankers too are concentrating more on financial inclusion in the villages and semi urban areas. According to S. Sridhar, chairman and managing director of the Central Bank of India, banks are deeply committed in financial inclusion prgrammes.Banks are seen increasingly partnering technology partners for such programmes. But the challenge ?How to make it a vibrant business while contributing to the national cause.?
While the Central Bank of India aims to include 40,000 villages in next three years,, Bank of India plans to increase its number of no-frill accounts to 1 crore in next two years from the existing 35 lakh.
Interestingly, public sector bank enjoys rural presence through 60% of their branches. The Central Bank of India will tap business correspondents (Bcs) majorly to attain its target.