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Amalgamate banks – The Financial Occasions

This refers to your edit ‘India wants new banks’ (ET, Mar 4). Monetary inclusion and monetary literacy would be the paramount goal whereas implementing reforms together with UID undertaking to guard the pursuits of poor. Fashionable banking system has misplaced apersonal contact. Even residents from semi-urban areas are reluctant to make use of ATMs. NextGen banking might fail in rural areas. It’s true we want extra banks and modern mind-set, competitors will drive away inefficient gamers.

ET has additionally prompt the proper resolution to the issue in the identical version, ‘Earlier than they compete, let banks consolidate’. Narasimhan panel too has prompt to have much less variety of banks with extra branches on the nationwide stage. The creator has identified that of 9,000 non-public financial institution branches, simply 1,138 are situated in rural areas. This implies they don’t seem to be eager to go rural.

Shishir Sindekar,
Nasik, March 4

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