Use technology to reach out to people: RBI official

Uitiling the possibilities of new generation technology was important for banks to reach out to villages in India to achieve targets of programmes like total financial inclusion, RBI Regional Director Suma Varma said here.

Inaugurating the Financial Inclusion Smart Card of South Indian Bank (SIB) here today, she said taking banking services to even remote villages in the country had been identified by RBI as a major banking challenge.

"India has some six lakh villages.The number of bank branches is far below the number of villages. This wide gap coud be filled by using technologies such as Financial Inclusion card, she said.

The most vital component of a robust banking system in any country was it ability to live up to the requirements of their customers. "It is the customers who play the most important role in evolving the banking policies. All the initiatives are worked out to meet their needs", Suma Varma said.

SIB's M D and CEO, Dr V A Joseph, said the smart card being launched was designed as per the standards set by Indian Bankers' Association and was capable of incorporating the Unique Identity (Adhar) programme.

He said the facility was part of the commitment of SIB which had considerable expanded its customer base 616 branches all over India over the years.Its features included, customer enrollment through heand-held terminals and felexibility to deposit money without insisting on biometric authentication.

The bank would be covering 100 villages with population of above 2,000 under the project.