Finance Minister says financial inclusion is a necessary for inclusive growth & asks Public Sector Banks (PSBs) to play an important role

The Union Finance Minister Shri Pranab Mukherjee has said that the Central Government firmly believes that financial inclusion is a necessary condition for inclusive growth. He said that the Public Sector Banks (PSBs) have to play an important role in financial inclusion in our country given the distribution platform they enjoy and experience they have in serving the rural hinterland for the past five decades. Shri Mukherjee said that technology needs to be leveraged to scale up the financial inclusion initiative. Financial inclusion would make better business sense if banks make that extra effort in developing appropriate business models, the Finance Minister added. The Union Finance Minister Shri Pranab Mukherjee was speaking at the 106th Foundation Day celebrations of Bank of India.

The Union Finance Minister Shri Pranab Mukherjee said that rural banking is a business opportunity waiting to be tapped and should not be seen only as a social responsibility to be met by the Banks. He said that PSBs with their Rural and Semi-urban branch network and with their established experience, must harness the potential in greater measure than they have done so far. Shri Mukherjee said that he had urged the Bank of India to advance the target date for financial inclusion by one year. Shri Mukherjee expressed happiness that Bank has lived up to his expectations.



The Union Finance Minister Shri Pranab Mukherjee said that in addition to financial inclusion, the banks need to play a catalytic role in nurturing entrepreneurial talent in the rural India. He said that SME segment with its entrepreneurial talent,has a very high potential for income and employment generation in the country. Banks can play very constructive role in this regard by financing the SME segment. The Minister was happy to learn that Bank of India has launched some innovative loan products to meet the requirements of this segment.

The Union Finance Minister Shri Pranab Mukherjee said that in service sector customization of products, processes, technology and above all people behind them are important ingredients for success. He urged upon the Bank to have diversified products, time tested processes and technology by its side to fulfill its ambitions to grow and for this the Bank should have a sound HR policy. He said that he was aware of the HR challenges being faced by the banks today. Banking is no longer a simple trade, it is now complex and knowledge based, he said . We need to constantly train our people and groom them for further leadership roles, said the Finance Minsiter.

Banknet is organizing 7th Edition of Annual International Bank Tech Summit on 20th September 2011 at Taj Lands End, Mumbai, India. Session on Green Banking & Emerging Technologies will deliberate on CSR, Financial Inclusion, Cloud Computing, Social networking, BPM, Payments, etc.... Read more

Banknet Group (Six Sigma Films) has produced a CSR Film on Financial Inclusion .... Read more



CLICK FOR MORE FEATURES & STORIES