 Early Times Report
Srinagar, Apr 26: E-Financial Inclusion is critical to make the financial inclusion viable and sustainable for banks in India. For only leveraging technology can help the banks to create opportunities out of five key challenges in this regard i.e. cost, coverage, convenience, confidence and convergence.
Deputy Governor Reserve Bank of India (RBI) Harun Rashid Khan said this here at SKICC, during the Banclave on "e-financial inclusion - way forward", which was organized by the Bankers' Club, J&K.
J&K Bank Chairman & CEO Mushtaq Ahmad, who is also Chief Patron Bankers' Club, was also present on the occasion along with Regional Director (J&K) D Sethy who is also President of the club.
CGM-in-Charge DIT RBI S Ganesh Kumar, CEO National Payments Corporation of India (NCPI) A P Hota, Regional Directors (RBI) P K Jena, Nirmal Chand, CGMs SBI K M Trivedi, Anil Kishora, CGM (NABARD) Vijay Kumar, Head Non-Linear Sales TCS Ajay Shrivastava, J&K Bank Executive Presidents, Presidents and Vice-Presidents, Head Financial Inclusion (PNB) B M Padha besides senior officers from various banks operating in the state attended the Banclave.
Giving a panoramic view of the financial inclusion along with its problems and possibilities in the country's evolving economic scenario, Deputy Governor said, "Financial inclusion must become a springboard for economic activity to make the accounts remunerative for banks, which naturally makes its qualitative dimensions more important than the mere increase in number of accounts."
"The issues to deliberate on are like how to use technology for agricultural finance, and how technology can be leveraged for risk mitigation since creating large number of such accounts needs proper controls and supervision", he said.
He urged the participants to come out with some action-points at the end of their deliberations so that at least contours of digital plan for J&K emerges besides suggesting what role can RBI play in terms of connectivity and co-ordination.
"Communication and commitment are very important elements in this and for that the banks need to equip and train their staff well to take this mission forward. And I hope that the bankers' forum like this one will play a catalytic role in the development of banking system within the state of J&K", he added.
Speaking in his inaugural address earlier, Chief Patron Bankers' Club Mushtaq Ahmad pitched for the substance of inclusive paradigm rather than its mere symbolism.
He said, "The sections at the grass-root of society must feel assured of care and inclusion and for that to happen Make-in-India slogan has to be wedded with the Made-for-India mantra."
Earlier, President Bankers' Club J&K D Sethy welcomed the participants and briefed the audience about the eminent speakers who have been working on financial inclusion and its allied processes.
On the occasion, CGM S Ganesh Kumar gave a power-point presentation on 'Innovation in IT for better governance'.
"In order to reap benefits of fast evolving technology platforms and remain relevant, the banks need to engage in serious business process engineering to adapt the new business models otherwise computerization is just the mechanization of manual banking processes. And from branch to branchless banking, we are moving towards virtual banking where even banks may not be needed any more", he added.
J&K Bank Executive President S S Sehgal concluded the pre-lunch part of Banclave with the vote of thanks.
After the lunch, there were two technical sessions. |
