RBI tells banks to make financial inclusion more meaningful

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RBI tells banks to make financial inclusion more meaningful
The Reserve Bank of India on Thursday asked banks and state government to make financial inclusion more meaningful.

At a specially convened meeting of the State Level Bankers Committee (SLBC), Governor Dr. D. Subbarao met chairmen of select public sector banks and senior officials of the State Government and the Reserve Bank to discuss State specific issues.

"Banks should ensure qualitative coverage of financial inclusion through proper functioning of banking correspondents," RBI Governor D Subbarao said.

To improve the quality of financial inclusion, banks would ensure that the no-frill accounts opened with them are for all purposes and not linked to just one government scheme.

He also said that four lead banks would organize a convention of banking correspondents before September 15, 2012 to assess the issues affecting the smooth operation of the BC-ICT Model in the villages.

Banks should ensure to open accounts for every household in 8 blocks identified last year in Maharashtra and 5 more districts identified in the Union Budget.

The Central Board meets at least once every quarter. Apart from holding meetings in Mumbai, Chennai, Kolkata and one in New Delhi after the Union Budget which is addressed by the Finance Minister - the rest of the meetings are held in other state capitals by rotation.

The main function of the Central Board of Directors of the Reserve Bank is to provide overall direction to the Reserve Bank's affairs.

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