............The RBI also seems to be exploring the possibility of enshrining financial inclusion in the Code of Bank’s Commitments to Customers, according to a recent statement by its Deputy Governor KC Chakrabarty. The voluntary code sets minimum standards of banking practices for banks in their public dealings. However, banks have been tentative about expanding operations to previously-unbanked or under-served rural and semi-urban areas so far, due to the low rates of return on investment in personnel and infrastructure. In response to such fears, the recently-released report of the Financial Sector Legislative Reforms Commission (FSLRC) acknowledges that there may be costs incurred by financial service providers in implementing such directions, and recommends that the Central Government reimburse the cost of granting such access to the financial service providers............
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
No comments:
Post a Comment