Reserve Bank of India extends financial services to rural areas

MIRZAPUR - The Reserve Bank of India (RBI) has extended its financial and timely adequate services to the interiors and isolated rural areas of the country, which includes the facility of smart cards and easy availability of credit.

To mark this occasion, a formal function was hosted at Baikuntpur village near Uttar Pradesh’s Mirzapur District on Monday.

RBI Deputy Governor K C Chakrabarty launched these services amid a special fete like stalls depicting the various services, which the rural folk henceforth could avail.

Chakrabarty said the services are being available under the ‘financial inclusion’ programme of the government and also highlighted various aspects of the schemes.

“Our aim is to connect people to the banks and to make people take four products from the banks. One is Saving-cum-Overdraft, one pure saving product, one remittance product, and for people who want to open up a business, will get entrepreneurship credit,” said Chakrabarty.

“If it is a farmer’s household, then it will get a Farmers Credit Card and for non-farmer household, a general Credit Card will be made available. Our financial inclusion will offer these minimum four products that will be available at their door-step without hassles,” he added.

Chakrabarty also distributed smart cards to some locals at the function, as the village has been selected as the nodal point to provide banking services to the villagers under its financial inclusion programme.

“Our mission is possible because of the latest technology that is available now. This would have been impossible ten years back. We used to say that we have reached the common man, but used to provide only lift service. It is because of the available technology, Reserve Bank in the last 75 years has reached the villages,” said Chakrabarty.

“No Deputy Governor has ever visited a village (on official assignment) before. But today we feel it will be possible if the whole society and media come together,” he added.

Financial Inclusion is the process of ensuring access to financial services such as credit, to vulnerable groups, such as weaker sections at lower costs. (ANI)