All the Scheduled Banks would be with Basel-II norms by 2007:RBI
Manipal, Apr 30 (UNI) Reserve Bank of India (RBI) Deputy Governor V Leeladhar today said that by 2007 all the 87 scheduled Banks in the country will be with Basel-II norms.
Replying to the 'Distinguished Achievement Award to outstanding Konkanis' conferred on him by Dr T M A Pai Foundation here, he said that except India only two or three other countries have introduced Basel-II norms. Even with the prudential norms of international standards many of the Banks in India have been able to achieve sound financial and withstand even worst of the crisis.
In view of the new generation banks and foreign banks coming with several terms and conditions making possible only the rich customers to have their accounts leaving large section of ordinary customers who were not afford to have their accounts. To bring more and more these ordinary customers into the bank fold, the RBI during this year and next year would come up worth plans on financial inclusion.
He said that at present while Pondicherry was able to achieve 100 per cent financial inclusion rate followed by Kerala with 86 per cent. The North Eastern States could achieve only 11 per cent. There was need for Banks to bring more eligible people into the banking fold based on the population. Once the customer opens his account with a Bank, it should be responsibility of the particular Branch Manager to see that the account holder keep his account alive with periodical transactions.
Mr Leeladhar said that the RBI had also taken up by instituting a board for standards and codes to improve the customers in the Banks.
Already 200 business relation managers have been appointed for this purpose.
Former Indian fast bowler Javagal Srinath was also conferred with the 'Distinguished Achievement Award'.
Earlier, Manipal Academy of Higher Education (MAHE), a Deemed University, Chancellor Dr Ramdas M Pai announced that the University had decided to offer free seats to first 100 rank students in the MAHE entrance test accounting to eight per cent of the total seats in each four disciplines incurring annual expenditure of about Rs Four Crore. The management had also decided to make arrangements with State Bank of India (SBI) for educational loans for economically poor bright students and introduce Insurance Scheme to the students to help them to continue their study without break in case of death of their parent/guardian during their study period, he added.
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