“Even banks can be financially illiterate”. The speaker was none other than RBI Deputy Governor K.C. Chakrabarty, thundering in his customary style. When a member of a women’s NGO asked why banks were hesitant to lend to women from her NGO, he said: “Opening a bank account will not give you money. Giving them a smart card will not give you money. Appointing a BC will not give you money. Even if they deposit money, it will not give you money, since you will pay interest on that. What they don’t understand is that they will make money only when they lend. If they don’t, they are financially illiterate.”
ET
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