RBI criticises PSBs for poor implementation of 'Lead Bank' scheme

The Lead Bank scheme was started for providing adequate banking and credit in rural areas through an 'area approach'.

The Reserve Bank of India (RBI) is unhappy with public sector banks (PSBs) for poor implementation of the ‘Lead Bank’ scheme for financial inclusion. 

At the crux of the issue is a huge discrepancy in the data supplied at the State Level Bankers Committee (SLBC) and that available through the Core Banking System. 

RBI has raised questions about the integrity and timeliness of the data sent by banks, most of it manually compiled. The regulator has called for a standardised system to be developed on the website maintained by each SLBC. This should have the option to upload and download all data