Key Points
The RBI has highlighted that important forces boosting socio-economic growth are the financial activity of the banking industry..
It is a strategic move, in line with the governments aim to double farmers' income.ET CONTRIBUTORS..
By providing financial services to rural areas, banks facilitate the growth of small businesses and spur economic development...
If banks go to the hinterland and rural areas are developed, they provide a conducive environment for economic activities and contribute to the GDP, leading to an increase in agricultural production, thereby helping the government address food insecurity...
What is distressing is that despite ahuge thrust on financial inclusion and high economic activity, several districts do not have any banking presence a fact corroborated by Finance Minister Nirmala Sitharaman..
