Govt to bankers: Achieve 100 pc financial inclusion in State

The issue of financial inclusion came up for discussion at the State Level Bankers Meeting in Bangalore. SLBC chairman V K Nagar said bankers in the State achieved 100 per cent financial inclusion. Additional Commissioner and Development Commissioner L Shanthakumari Sundar took objection to this. She said she would not accept the bankers’ claim. “Still a large number of families remain out of the banks. Banks should make efforts to achieve 100 per cent financial inclusion in real sense,” she stated.

She also expressed displeasure over progress achieved in introducing the IT enabled Smart Cards for payments under NREGS and social security pension schemes. The project was being implemented in Bellary taluk on a pilot basis. So far only 10 gram panchayats have been covered under that. The banks should make efforts to complete the project in the taluk and extend the same to the entire district and move on to Chitradurga and Gulbarga.
Nagar said in the financial year 2008-09 advances to the priority sectors was at the order of Rs 71,810 crore constituting 46.21 per cent of the total advances. The total advances to agriculture sector was Rs 29,196 crore accounting for 18.79 pc.

Regional Director of RBI, B Srinivas said banks have agreed to provide educational loan at the uniform interest rate of 11 per cent. Under the scheme the students have to bear interest on the loan at 6 per cent while the government would reimburse the interest charged over and above 6 pc.