The objective of 100% Financial inclusion is laudable but not achievable
just because of the fact that Banks Hate Achieve this Goal (BHAG)as the
mindset of staff and the procedures involved for complying with the KYC
norms are not simply favourable. To achieve this, the only way is to
send volunteers from house to house as happened in the case of Polio
Vaccination where it is claimed 100% success, to enroll households as
Bank's Account Holders.Even then, this cannot guarantee full inclusion
unless and until these customers are compelled to operate the accounts
for which the banks staff have to be courteous,helpful and empathetic in
rendering the services expected of them. Herein lies the crux of the
problem.Theories sound very attractive, but practices also need to be
made equally attractive for which, the approach has to be totally
different. Will and can the authorities ensure that?
Dr.T.V.Gopalakrishnan
(This comment published Business standard is in response to an Article by Subir Gokarn on BHAB Financial Inclusion BHAB)
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