This is with reference to “Banks have to play the ‘central' role in financial inclusion” (Business Line, April 27). Dr K. C. Chakrabarty, Deputy Governor, RBI, has rightly emphasised the need for brick and mortar branches in rural areas to achieve inclusive growth. I remember his revelation that in one of the districts of Tamil Nadu, nearly 90 per cent of the farm produce was routed through non-banking channels, indicating a poor contribution of PSBs even after four decades of bank nationalisation. The National Rural Financial Inclusion Plan aims at providing financial services, including credit, to at least 50 per cent of financially-excluded households by 2012 through rural or semi-urban branches. Unless concerted efforts are made to implement plans, financial inclusion will remain an ‘illusion'.
- L.Rangarajan, Nagpur (HBL)
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