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Revitalise rural economy, Speaker tells banks

Photo: K. K. Najeeb

TO RURAL AREAS: Speaker K. Radhakrishnan inaugurates Reserve Bank of India’s special outreach programme at Thonnorkara in Thrissur on Sunday. —

Thonnorkara (Thrissur district): The Speaker K. Radhakrishnan has called upon banks to come up with innovative projects and strategies to revitalise the rural economy in the State.

He was speaking after inaugurating the Reserve Bank of India’s special outreach programme at Thonoorkara, a remote village near Chelakkara, on Sunday.

The outreach programme has been conducted as part of RBI’s platinum jubilee celebrations with an objective of creating financial literacy among rural masses.

The regional office of the RBI is conducting the outreach programmes in 11 villages in the State and one in the Union Territory of Lakshadweep. About 200 villages have been chosen as venues for the programme across the country during the platinum jubilee year.

“Accessibility to banking services will improve living conditions in villages. Rural people fail to avail many financial aids due to their ignorance. Remote villages still lack financial facilities. Banks should have more presence in rural areas,” he said.

He urged the people to make use of the opportunity to avail maximum benefits from banking services.

Addressing the function, S. Ramaswamy, Regional Director of the RBI, said that focus of the outreach programme would be financial inclusion and financial literacy.

Financial inclusion is the delivery of banking services at an affordable cost to the disadvantaged and low income groups.

“Financial inclusion is directly proportional to development. It aims at utilising the financial potential of an area for the empowerment of people there. We want to ensure that every household gets connected to the banking system,” he said.

The RBI had chosen Thonnorkara as a model village, he said.

“As part of the project, the RBI will try to explore the possibility of technology-enabled services to expedite financial inclusion. Coordinated efforts of local bodies, government departments, private banks and NABARD is needed for achieving the goal,” he added.

K.D. Joseph, Assistant General Manger, RBI, said that Thonnorkara was chosen for the programme as no bank had a branch in the remote village. As part of the programme, the RBI officials would conduct classes in schools to sensitise students to banking services. Interactive sessions would be conducted with people, he said.

Many private and nationalised banks had put up stalls at the venue with pamphlets and other informative material on banking services.

There was a special RBI stall to disseminate information about RBI’s role as supervisor and regulator of banking activities.

Presentations on the role and functions of the RBI, features of bank notes, detection of fake notes and the Banking Ombudsman Scheme would be part of the programme. Special coin distribution and note exchange facilities would also be offered.

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