Open 250 accounts per year: Govt to rural banks

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New Delhi,Mar 1: Finance Minister P Chidambaram, while presenting the Budget proposals in the Lok Sabha today, said on recommendations of the Committee on Financial Inclusion commercial banks, including RRBs, have been advised to add at least 250 rural households every year and allow individuals such as retired bank officers, ex-servicemen to be appointed in banking operations.

Mr Chidambaram said the commercial banks, including RRBs, have been advised to add at least 250 rural household accounts every year at each of their rural and semi urban branches. Also individuals such as retired bank officers, ex-servicemen etc will now be appointed as business facilitator or business correspondent or credit counselor.

He said ''Government's policy of a careful and calibrated opening of the financial sector has proved successful. We shall continue to take measured steps.'' He further stated that banks will be encouraged to embrace the concept of Total Financial Inclusion. Government will request all the scheduled commercial banks to follow the examples set by some public sector banks and meet the entire credit requirements of Self-Help Groups (SHG) members, namely income generation activities, social needs like housing, education, marriage etc and debt swapping, he added.


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