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Banking service yet to reach remote areas

Banking service yet to reach remote areaspht-2

Bhubaneswar, 21 Sep, 2016 (By Sanjit Kumar Mohanty)-Generally banking in India is fairly mature in terms of supply, product range and reach-even though reach in rural India and to the poor still remains a challenge. The government has developed initiatives to address this through the State Bank of India (SBI) expanding its branch network, said Manager (Training) of city-based SBI Learning Centre Barendra Rana here on Wednesday.Inaugurating a seminar on ‘Banking System in India’ organized by Institute of Media Studies (IMS) on its premises, Rana explained the newly introduced OVD (Officially Valid Document) by Reserve Bank of India (RBI). Six basic documents have been identified for hassle-free opening of bank accounts by customers in the country. Recently, the RBI has also provided an option for customers to switch over from the existing base rate system to the MCLR (marginal cost of funds based lending rate) system for fixing lending rates with effect from April 1 this year, he added.He also highlighted the comprehensive financial inclusion scheme, Pradhan Mantri Jan Dhan Yojana, launched by Prime Minister Narendra Modi in 2014 and other banking schemes and products.Speaking on the occasion, Deputy Manager (Training) of SBI Pradeep Kumar Rout said with the growth in the Indian economy expected to be strong for quite some time-especially in its services sector, especially retail banking, mortgages and investment services are expected to be strong.Among others, senior lectures of IMS Raghunath Mandal, Shitendra Baliarsingh and Snigdha Jyotsnamayee and students of all departments were present.

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