Bankers should evolve ways to achieve the objectives of the Financial Inclusion scheme of the government, said the Deputy Governor, Reserve Bank of India (RBI) K.C. Chakrabarty at Kotagiri on Friday.
He was inaugurating a Rural Self Employment Training Institute and a Financial Literacy and Credit Counselling Centre promoted by the Indian Overseas Bank (IOB).
Adverting to the claims relating to the achievement of targets under the scheme, he said that mere coverage should not be the goal of the bankers.
Instead of only gloating on the successes, the bankers should pay due attention to failures.Giving examples he pointed out that Tea and Tourism had been identified as the main economic activities of the Nilgiris over a 100 years ago. Regrettably further development was not much. Attributing it to the failure of the system,he said, “we are collectively responsible”.
Stating that financial inclusion is a global movement, he said that the Indian model should be based on sustainable development. It is possible because its strength is its people. Mere opening of new branches will not help in taking the benefits of the financial inclusion scheme to the villagers. In addition to extending financial support, the banks should ensure that the beneficiaries are trained to develop themselves.
The Chairman and Managing Director, IOB M. Narendra said in his key note address that the aim of the bank is to facilitate improvement of the living conditions of the people.
With about 2605 branches, the bank’s business now was around rupees 3.10 lakh crores.
The Nilgiris Collector Archana Patnaik said that the Nilgiris is a district with special needs. Urging the banks to help address those needs, she regretted that due to lack of employment opportunities people have started migrating.
The Regional Director, RBI N.K. Vishwanathan said that under the Financial Inclusion scheme 98 percent of the target has been achieved in Tamil Nadu.
The General Manager, IOB S.N. Misra also spoke. The Chief Regional Manager, IOB B. Bhaskaran welcomed the gathering.
The Assistant General Manager D. Venugopal proposed a vote of thanks.
The release of a compilation of success stories and a book on Financial Inclusion and distribution of loans marked the occasion.
Later Mr. Chakrabarty told pressmen that efforts are on to make India a pioneer in the implementation of the Financial Inclusion scheme. All habitations with a population of 2000 and more will be included. To a query, he said that it was not a target oriented scheme but aimed at achieving a target. To another question, he said that a new system of operating ATM facilities is still at the proposal stage.
On security for banks and ATMs, he opined that law and order was a state subject. However action was being taken to equip banks with CCTV systems, burglar alarms etc.