RBI deputy governor reviews CFSP in NE

Guwahati, Oct 10 (UNI) RBI Deputy Governor Usha Thorat today reviewed and expressed satisfaction over implementation of the recommendations of Financial Sector Plan (CFSP) Committe for North Eastern states.

Talking to UNI after chairing a high level monitoring group meeting here, Ms Thorat said, ''The implementation process is satisfactory and the development in all parameters has improved.'' She said the banks have taken serious note of the CFSP's recommendations and were working towards achieving these.

''More and more loan and deposit accounts are being opened, agri loans are being given out, regional rural banks (RRBs) are being made more active,'' she added.

Ms Thorat also emphasised on the need to involve local community organisations and village-level volunteers for making banking more relevant in the rural areas.

''We are working on making the people more financial literate and are exploring ways to use IT in more professional way to reach out to the masses in rural and remote areas,'' she said adding that RRBs have covered almost the entire NE, barring a few very remote pockets in Mizoram and Meghalaya, where hilly terrain is a deterrent.

She also said the commercial banks may not have branches in certain areas but nationalised banks and RRBs were working in almost all blocks of the region.

On the emergence of IT in the banking sector, Ms Thorat said the smart card facility introduced in Mizoram among the NE states had been a success and the RBI was planning to expand its services.

''The smart card facility, being linked to mobile phones and having biometric recognition system, can help connect remote area masses to the banking facilities,'' she added.

UNI