BANKS MUST LEVERAGE TECHNOLOGY FOR FINANCIAL INCLUSION: PRANAB

The Union Finance Minister, Mr Pranab Mukherjee, on Sunday exhorted banks to leverage technology to further the cause of financial inclusion so that the benefits of the Government's social security efforts, national rural employment guarantee payments, and the like, can reach the rural poor directly.

Referring to the fact that over half of the 90 million farmer households in the country did not have access to credit either from institutional or non-institutional sources, Mr Mukherjee said, “Financial inclusion and the extension of financial services to every citizen is a priority of the Government. This goal of financial inclusion cannot be achieved without the help of technology.”

Banks can create unprecedented economic opportunities for the rural populace by providing banking and financial services by leveraging modern technologies such as the Internet, mobile, smart cards and biometric authentication.


Source: http://www.thehindubusinessline.com/2010/02/08/stories/2010020852130300.htm