........n a recent speech on financial inclusion, the RBI governor observed that there has to be five features in banking services if financial inclusion is to be achieved. He emphasised that the financial products offered by banks should be suitable for the people concerned, such as, a safe and reliable way of saving, a quick and hassle-free service when quick loans are needed and similar attributes. Governor Rajan had also indicated that the place for offering such service should be near at hand. That means, the bank branches would have to be opened in unbanked and remote areas. Above all, for financial inclusion to be successful, it must be profitable for banks, Rajan emphasised. Going by the plans of the government, the services under universal banking access programme will be extended by using the prevailing practices of business correspondents (BCs) who virtually operate as single-person bank branches now. For the current programme, many more BCs would have to be appointed. Along with that brick and mortar branches are also to be opened........
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