The Finance Minister, Mr. Pranab Mukherjee has firmly asked banks to make plans and tactics to target the unprivileged and under privileged portions of population.
For this purpose, the State Bank of India (SBI) has authorized a term loan valued at Rs. 200 crore to Hyderabad based microfinance firm Share Microfin Ltd.
The Finance Minister has said that the banks have to utlize technology and also innovate on economical business models to target as many as 6,00,000 villages throughout the country.
RBI Governor, Subbarao has said that the main banks in every district have been asked to prepare a road map of those villages whose population is at least 2000 so that these villages can enjoy banking services. The road map is to be prepared by this month end so as to complete the aim of financial inclusion.
Banks have also been asked to note financial literacy and financial inclusion as condition for performance appraisal of their employees. Focusing on technology advancement, Subbarao said technology could join spaces for people living in rural and remote areas.
With this, people in rural areas can expect to get all types of loans like home loans very easily.
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