Banks not following RBI norms for opening no-frill accounts:FM

Government today admitted that certain banks were not following guidelines on opening no frill,

RELATED ARTICLES

zero balance accounts in rural areas and said efforts were being made to make banking facilities available to remotest part of the country through various means.

Finance Minister Pranab Mukherjee said in Lok Sabha that certain banks might not be observing guidelines of the Reserve Bank of India in opening no-frill, zero balance accounts in rural areas.

Mukherjee said he has asked banks to listen to the political leadership and the state governments in addressing the grievances of the people.

He was answering a supplementary question by Arjun Singh Meghwal (BJP) on complaints that banks were denying zero balance facility to people in rural areas.

His views were supported by several members across political parties.

He said the Chief Ministers have been requested to take meetings of state level bankers. Similarly, officers have been directed to meet bank officials at the district level so that the role of the middleman is eliminated.

Stressing the need for a "vigilant mechanism", he said branch officers were being made accountable.

Replying to another question, Minister of State for Finance Namo Narain Meena ruled out special incentives to bank officials for deployment in rural areas. "It is part of their normal work," he said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

FC NEWSLETTER

Stay informed on our latest news!

EDITORIAL OF THE DAY

  • Retail investors need to be drawn to bond trading

    A country requires both a healthy capital market and a liquid debt market for vibrant economic growth. India has had the first for a long time.

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Japan’s living national treasures

While the world is fascinated by the economic “miracles” in ...

Robert Clements

Cherish good times and accept bad ones

Initially, I was angry and confused, I was even repentant…,” ...

Bubbles Sabharwal

Mothers just see things differently; they can’t help it

Before we begin on mothers, I have to share this ...