Co-op banks play bigger part in financial inclusion: RBI
Press Trust of India / Mumbai Mar 13, 2010, 15:25 IST
Cooperative banks can play a bigger role than scheduled commercial banks in achieving financial inclusion, a senior RBI official said today.
"Role of cooperative banks is very important in the real last-mile financial inclusion. They can play a greater role than scheduled commercial banks (SCBs) in achieving the goal of financial inclusion," Reserve Bank's General Manager (Urban Co-operative Banks Department) Uma Shankar said at a seminar here.
"You (co-operative banks) people are playing a larger role for the grassroot community and you know better how we can achieve the goals of financial inclusion," Shankar said.
"Your support is required so as to help people participate actively in the financial inclusion programme," she said.
She advised co-operative banks to use advanced technology and recruit more efficient people to compete with commercial banks.
"You need to use advanced technology for competing with commercial banks," she said.
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