......The most disturbing feature of the whole exercise is the bankers' attitude to these accounts. Governor Subbarao is more blunt when he says: " The general impression I got is that frontline, managers treat no- frills accounts as a nuisance and low income households as an intrusion into their time and business. This is disappointing to say the least. Actually, financial inclusion should be looked upon by banks as an opportunity to build " fortune at the bottom of the pyramid". Outsourcing financial inclusion to other layers may be useful upto a point. Ultimately, these layers have to be integrated with the mainstream banking.
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Dr Mujmudar's concluding paragraph shows that Governor Dr Subbarao is transparency personified and he will mince no words in trying to bring home his point. His anger about evasive tactics of banks when it comes to handling small accounts and the 'outsourcing' of business to NBFCs or SHGs to evade responsibility is loud and clear. RBI should plug escape routes of banks to avoid priority sector lending via RIDF etc also. If infrastructure funding has to come from bank funds let there be clarity about it and let us not mix up with the need to finance priority sector.
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