RBI Governor says RBI will bring in Financial Inclusion Index.Is there any Mindset for bankers?

 

If Financial Inclusion has to be made a reality it should start from down trodden and vulnerable sections of the society. Class banking and keep the Customers away approach  presently pursued  by banks including PSU banks using / abusing technology to the most disadvantage of all categories of deposit customers in particular needs to be totally stopped. Customers should feel confident and trust the banks for any deals. The way customers are taken for a clean ride by the most sophisticated banks keep away even small customers from approaching banks for any deals. This reflects in the growth of NON Banking FIN companies dealing in Gold loans. Banks have forgotten Customer Service is a fact and there are no grievance Mechanisms whatsoever is a tragedy. In this background, Financial Inclusion can only generate problems for the Regulator as banks have never the feel of Customers and their survival depends on customers is merrily ignored or rather not understood. The expectations of the Governor that the banks would entertain the lowest category of the society though a very laudable objective are misplaced. High time RBI goes in for a survey among the people including those who need to be included under Financial Inclusion and decide ways and means to correct the banks first and then think of enrolling them for laudable objectives. Ground realities of late are gloomy. Financial Inclusion Index can come only if there is Financial Inclusion at ground level and bankers have a mindset to come to the rescue of the really deserving people from the lowest strata of society. Such bankers are yet to be made or invented.  

 

Dr T V G

 

July 16, 2021,

(This comment appeared in Business Standard dated 15th July 2021 ).