Poor on Banks

This refers to ‘Broad and Welcome’ (ET, Feb 25). Technology and expansion of the banking sector is only applicable to cities and urban areas. Our banking industry has failed to cater to the needs of rural and poor people and they continue to depend on moneylenders. Even if branches are opened in rural areas, they are mainly opened in prosperous villages, neglecting the backward areas. Financial inclusion does not mean opening branches in villages and unbanked areas but educating the rural people on the benefits of modern banking and bringing them into the banking arena. Secondly, fresh recruitment of staff is needed given the vast retirements that are due in the public sector banks. It is no use opening new branches when there just isn’t adequate staff to man them.


- VEENA SHENOY, Thane (ET)