With all compulsions and incentives banks have failed to make Financial Inclusion a reality is the real story and how the DY Governor knowing fully well the mindset of banks' human resources expect that given freedom for banks they will perform well.Right from the days of Nationalisation of banks,both the Government and RBI are after banks to bring the poorer sections and less fortunate segment of the society under banking fold though it was all done not in the name of Financial Inclusion. Under Garibi Hatao programme of the Government, several schemes were brought into being and the fact remains that nothing has clicked. Twenty Point Programme, DRI scheme, loans to weaker secions, NGOs, priority sector advances including housing loan for weaker sections were all attempts to make Financial Inclusion and they have all been a failure or not taken off well to the desired extent.The approach should be different and Financial inclusion should be attempted through various institutions including educational institutions, malls, health centres etc and compelling their staff to enroll as many people as possible in banks. All households can also be forced to ensure that from whom soever they take some service should be having bank account. The banks should be given separate timing and a separate set of staff with a social bent of mind to open the accounts. The people should be attracted to banks and banks should be willing to receive them heartily and happily. I think the approach of the DY Governor does not sound convincing and banks will only take advantage of that. The results can be seen in six months time.
Dr.T.V.Gopalakrishnan
(This is in response to a news report appeared in Business standard dated 24/7/14)
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