IT can play a role in financial inclusion: Premji

Posted By: Religare
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Wipro Chairman and Managing Director Azim Premji reported that information technology can assist to expand the reach of financial services to the poor, residing in rural areas.

The concerns of financial inclusion in the country has been hovering around for quite some time now, with Government trying to mend ways to educate people financially throughout the country.

Premji reported while inaugurating renovated corporate office of South Indian Bank that the Indian Banks should boost up the process of financial inclusion and penetrate into the rural sector to serve the less privileged, so that they can also have an access to banking facilities.He also added that extend of financial inclusion in the country is very lea when compared to the other Asian peers. Moreover, he said that the rural penetration can only be achieved with the help of information technology.The government has also taken few notable steps to help in the financial inclusion, as it has asked the banks to provide financial services at reasonable and economical costs to habitations having a population of over 2000 by March, 2012. This will further help to rope in the disadvantaged and low income segments of society under banking net.M Damodaran, former Chairman of SEBI and who currently heads the Customer Service Committee appointed by RBI, in his keynote address commented 'solidity' and not being 'spectacular' should be our aim.

"Be sound, be safe", should be our slogan, he said. He also said it was important for banks to deploy financial services through customer-centric technology and delivery channels to serve customers better. Banks should also equip their customers to use technology so that they would benefit from Information Technology applied in banking services.

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Story first published: Tuesday, March 8, 2011, 12:31 [IST]
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