Letters: Panchayat-owned ATMs

This refers to the report "Looking for investment with a difference? Buy yourself an ATM" (October 7). It is reported that high net-worth individuals (HNIs) are considering buying ATM space as an investment opportunity. Rural India needs to take a cue from this and our high population/high net worth gram panchayats should also own such space and offer it to banks to install ATMs. To further motivate the banks, panchayats could lease an ATM from the companies and offer wet lease to banks, making the installation of ATMs a reality in a large number of bigger and richer villages. Since the government wants the payment of MNREGA wages through bank accounts, the ministry of rural development (MoRD) could subsidise such panchayat-owned ATMs. This would also help the cause of rural financial inclusion. Also, the MoRD could consider a pilot scheme for such panchayat ATMs in coordination with the ministry of finance.

Y P Issar, Karnal

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