Andhra Pradesh - Hyderabad   

RBI Governor for focus on deposit mobilisation

Special Correspondent

Call to `move towards the masses'

HYDERABAD: Reserve Bank of India Governor Y.V. Reddy asked bankers to embark on retail deposit mobilisation, as it had become a necessity for banks.

"It lends stability to the liability side of the business," he said. Dr. Reddy was delivering the valedictory address at the two-day Bancon - 2006, the Indian banking conclave that concluded here on Saturday. Following the initiation of reform process in the banking sector, the next natural step for the banks was to move towards masses by accepting deposits from both rural and semi-urban population.

There was a convergence in the business interests of the banking community in financial inclusion and the process was well in tune with financial reforms. Banks should focus on small loans to farm sector and the small and medium enterprises and smaller liabilities.

In this context, he said banks could leverage technological tools to a maximum extent for taking services to the people. The bankers need to take the cooperation of the State Governments in their outreach programmes as it was necessary in achieving financial inclusion.

The RBI Governor wanted the banks to take the spirit of the RBI's suggestion for 100 per cent financial inclusion of some districts and continuously evaluate the process.

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