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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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