RBI Deputy Governor K.C.Chakrabarty has asked banks to make transactions cost-effective to be in a position to establish the customers’ rights. He asked the bankers to leverage on technology to make financial inclusion a reality and said expanding business and retention were the two challenges before them. Money lenders still held sway in the country as banking penetration was only around 40%, he said addressing a function yesterday organised jointly by State Forum of Bankers’ Clubs- Kerala and Bankers’ Club, Greater Kochi, Chakrabarty said new banking licenses are being issued to strengthen competition in the industry. He warned bankers against opening accounts that led to illegal foreign remittances.
DNA
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