Monday, January 13, 2014

Financial Inclusion Understand Ground realities

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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