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Use technology to reach financial inclusion target: RBI

Thiruvananthapuram: Utilising the new generation technology is important for banks to reach out to villages to achieve programme targets like total financial inclusion, reports PTI quoting Reserve Bank of India (RBI) regional director Suma Varma.

Mr Varma, who was speaking at the inauguration of the Financial Inclusion Smart Card of South Indian Bank (SIB), said RBI had identified the task of taking banking services to even remote villages in the country 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 could be filled by using technologies like Financial Inclusion card,” she said.

The most vital component of a robust banking system in any country is its ability to live up to the requirements of their customers, she said.

“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 MD and CEO VA Joseph said the newly-launched smart card was designed as per the standards set by Indian Bankers' Association and was capable of incorporating the Unique Identity (Aadhaar) programme.

He said the facility was part of the commitment of SIB to expand its customer base.

The bank would be covering 100 villages with population of above 2000 under the project.

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HC bench recuses itself from hearing Lavasa petition

Mumbai: The division bench of the Bombay High Court today recused itself from hearing the petition filed by Lavasa Corporation against the environment and forest ministry's notice, reports PTI.

The bench of Chief Justice Mohit Shah and S J Kathawala was hearing the petition which challenged the show-cause notice issued by the ministry to Lavasa alleging that it had not secured environmental clearances before starting construction activity in the area spread over 5,000 hectares.

However, Chief Justice Shah today informed the lawyer that he will not hear the case as one of his relatives was working with a legal firm that is advising Lavasa Corporation with regard to its initial public offering (IPO).

The hearing will now resume only when the Chief Justice assigns the matter to another bench.

On 25th November, the ministry had issued a show-cause notice to Lavasa, demanding an explanation as to why it did not obtain clearances as per rules under Environment Protection Act, amended by notifications in 1994 and 2004.

It also asked the corporation, which is developing a hill station in Mulshi taluka of Pune district, to stop the ongoing construction.

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