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| RBI asks banks to tap IT to reach out to rural areas |
| Press Trust of India / Mumbai Mar 02, 2010, 20:14 IST |
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The Reserve Bank of India (RBI) today asked lead banks, which plan and formulate credit plans at district levels, to focus on increasing banking access to the masses by aggressively using information technology.
The apex also asked lead-banks to include the private sector more actively in planning for credit at district level.
"Banks need to take the maximum advantage of available IT solutions.... As soon as the instructions from the RBI, government of India, Nabard and IBA are placed on their websites, banks may communicate the same to their branches electronically so that the relative instructions come into operation immediately," the high level committee to review the Lead Bank Scheme (LBS) has said.
Besides, the RBI directed lead-banks to start financial literacy and credit counselling centres in every district. It further said gram panchayats should be familiarised with preparation of bankable schemes, so that budgetary funds for livelihood promotion can be leveraged for promoting financial inclusion and increasing credit absorption capacity.
The LBS was launched way back in 1969, following the recommendations of the Gadgil study group, aiming at enhancing financial exclusion. It had suggested that a lead-bank would coordinate among banks, state offices and stakeholders to plan and formulate district plans through block and district consultative committees.
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