MFIs will be relevant for 10-15 years as our banking system is inefficient: Chakrabarty

......“MFI will be relevant for the next 10-15 years because our banking system is inefficient. Our banking system is not customer-focused. They (banks) are employee-focused,” he said. According to Chakrabarty, the Indian banking system is one of the most inefficient in the world, because it is highly paid. “Salary in the banking system, as compared to the gross domestic product, is one of the highest in the world,” he added.

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