President Pranab Mukherjee today said that despite 46 years of bank nationalisation, institutional credit is yet to reach the unorganised rural sector fully.
"Even after 46 years of bank nationalisation, expansion of bank branches and setting up of regional rural banks, institutional credit has failed to meet requirements of the unorganised rural sector fully," Mukherjee said at the first anniversary celebration of Bandhan Bank here.
He said that after the Narasimhan committee report was submitted to the government when he was in-charge of the banking department in 1975, less than 25 per cent of the rural people had access to institutional credit.
Mukherjee appreciated the micro finance approach of the Bandhan Bank, the first private bank to be set up in the Eastern India post independence.
He also expressed confidence that the new RBI Governor (Urjit Patel) and the finance minister (Arun Jaitley) would deftly guide India's economy.
RBI deputy governor N S Vishwanathan said with the central bank getting itself deregulated, the onus is now on the banks to follow sound management policies for growth.
"Banks must assume risk. But that should not be reckless. Risks should be mitigated," he said.
Bandhan Bank MD and CEO C S Ghosh said that in the first one year, the bank has set up 701 branches across 30 states.
Earlier, speaking at another event, Mukherjee said the Look East and Act East policies of the government would open new markets of Myanmar and ASEAN for entrepreneurs from India's eastern region.
He said the recently passed GST Act will ensure that transition cost and double taxation is minimised and a common national market will evolve for advantage of people in this part of the country.
Javadekar also emphasised on the importance of promoting
Indian values, saying in unity in diversity lies India's greatness.
He said Indian students need to be told about the country and referred to a course for Class XI and XII students.
"Many children do not take up this course because of their focus on having a career so we are working in the direction of introducing some topics in other classes," he said.
Javadekar also said that some people give twists to the world narrative in Indology - studies of India.
He said bodies like ICHR, ICSSR, ICPR, IGNCA and others will work together to create a correct narrative of Indology.
