........The Finance Minister also put his weight behind the recent financial sector reform design of the Reserve Bank of India (RBI). Connecting every Indian family with the formal financial system within a year is a steep aspiration. And while it might take it little longer, a recent visit to India convinced me that over the past few months, the pieces have come together for India to make huge progress...............
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2 comments:
One year target is asking for too much in too little time. But the financial inclusion could well be achieved by RBI / GoI - by strengthening the Aadhar Cards, Post Office Savings banks and reverting to the British system of Treasuries and Sub-treasuries equipped with hi-tech
facilities. Simultaneously, educating and popularising the concept thru print and electronic media and also with the help of retired bankers/central bankers in the locality.
Depending on the 'banks' alone would be putting more pressure on them in the present context of work culture and environment.
Unless there is a drastic change in the mindset of our banking community and the better off section of the society to come to the rescue of less fortunate and poor segment of the society,Finacial Inclusion can only remain in paper and is tantamount to chasing a mirage. If Millions of bank employees care to bring under banking fold their own servants, baji wallahs, petty service providers like Iron wallhs, carpenters, many can have bank accounts overnight. The ground reality is that our human resources are not mentally attuned to be considerate to our own fellow beings.
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