My View on t "India Needs More Banks, Foreign or Not":
Surprisingly, except for some occasional mention about ‘financial inclusion’ reforms in India seems to be an urban, if not metropolitan affair. When we talk about penetration of banks in rural areas by importing ‘foreign banks’ or via Banking Correspondents or earlier through Self Help Groups financed by commercial banks, we are forgetting the existence of cooperatives and private sector organisations which are already there doing a lot of service. Just as we do not want rural people to become literate for selfish reasons, we do not want rural institutions rural institutions to upskill for fear of their eating into urban business. Reforms need to spread to rural areas. For this, literacy need to be improved, rural institutions including rural financial institutions need to be allowed to survive and become viable.
- M.G.Warrier
1 comment:
Well said, we seem to be choosy in our institutional structure and its level of tech use. But technology is only an enabler, why not realise this ? we can bring effectiveness in the FI measures by harmonizing between some of these efforts......suran
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