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Banks focus on financial inclusion

Banks operating in Jharkhand must work towards ensuring that more and more people come under the ambit of the banking system.

Addressing a state-level bankers’ committee meeting at a hotel in Ranchi on Tuesday, executive director of Bank of India B.P. Sharma said that “sampoorn vitteeya samabeshan (comprehensive financial inclusion)” should be the mission for ensuring financial services to all those who were out of the banking system.

“At least two accounts should be opened for members of each family that does not have a bank account till now,” he said.

Tuesday’s was the 48th quarterly meeting organised by Bank of India meant to review performances of banks during the quarter ended June 2014.

Bank of India is the state-level bankers’ committee convenor for Jharkhand.

After the accounts were opened, adequate credit should be sanctioned to such people and that too on time, Sharma emphasised.

He also urged the state government to help by providing a list of families that did not have bank accounts.

On agricultural lending, it was revealed that banks had so far sanctioned Rs 10,485.74 crore, constituting 17.75 per cent of gross credits processed so far during the current fiscal.

But Sharma said that the target was to grant more agricultural credit so that it accounted for 18 per cent of the gross credit. This, he added, was to be achieved by the end of March 2015.

Bankers were also told that credit flow to women in the state had grown by 4 per cent over the corresponding period in the previous year, but credit linkage of 4,000 self- help groups had to be achieved by September.

Tuesday’s meeting was attended by, among others, senior bank officials Sourabh Sinha, general manager, Reserve Bank of India, and K.C. Panda, chief general manger of National Bank for Agriculture and Rural Development (Nabard), both of whom are based in Ranchi.