A recent press report said that the Governor of the Reserve Bank of India, Dr Subbarao, and the Deputy Governor, Dr K.C. Chakraborty, held a meeting with top bankers in the State to review the pace of financial inclusion implementation in Karnataka.
According to a top official of a Bangalore-based public sector bank, the RBI Governor emphasized on the need for training the business correspondents (BCs) who are appointed for reaching out to the hitherto unbanked segment. The official said that the Governor has stressed on the importance of credit linkage to these no-frill account holders.
Reports said that the banks in the State offers an overdraft facility of Rs 500/account and also Rs 25,000-50,000 credit for every general credit card (GCC) or kisan credit card (KCC) depending on the account-holder’s level of activity.
Reports added saying that banks have to provide services through an outlet in every village having a population of over 2,000 by March 201, under the financial inclusion initiative. It also said that it will be done through brick and mortar branches and BCs with the help of technology.